Local Bank. A Financial Institution satisfying the following requirements:
1. The Financial Institution operates solely as (and is licensed and regulated under the laws of Singapore as) (a) a bank or (b) a credit union or similar cooperative credit organization that is operated without profit;
2. The Financial Institution’s business consists primarily of receiving deposits from and making loans to, with respect to a bank, unrelated retail customers and, with respect to a credit union or similar cooperative credit organization, members, provided that no member has a greater than five percent interest in such credit union or cooperative credit organization;
3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2) and A(3) of this section, provided that, in addition to the limitations on the website described in subparagraph A(3) of this section, the website does not permit the opening of a Financial Account;
4. The Financial Institution does not have more than $175 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $500 million in total assets on their consolidated or combined balance sheets; and
5. Any Related Entity must be incorporated or organized in Singapore, and any Related Entity that is a Financial Institution, 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 or a Financial Institution with only low-value accounts described in paragraph C of this section, must satisfy the requirements set forth in this paragraph B.
Local Bank. A Financial Institution satisfying the following requirements:
1. The Financial Institution operates solely as (and is licensed and regulated under the laws of the Cayman Islands as) (a) a bank or (b) a credit union or similar cooperative credit organization that is operated without profit;
2. The Financial Institution’s business consists primarily of receiving deposits from and making loans to, with respect to a bank, unrelated retail customers and, with respect to a credit union or similar cooperative credit organization, members, provided that no member has a greater than five percent interest in such credit union or cooperative credit organization;
3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2) and A(3) of this section, provided that, in addition to the limitations on the website described in subparagraph A(3) of this section, the website does not permit the opening of a Financial Account;
4. The Financial Institution does not have more than $175 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $500 million in total assets on their consolidated or combined balance sheets; and
5. Any Related Entity must be incorporated or organized in the Cayman Islands, and any Related Entity that is a Financial Institution, 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 or a Financial Institution with only low-value accounts described in paragraph C of this section, must satisfy the requirements set forth in this paragraph B.
Local Bank. The Hong Kong Police Credit Union or a Financial Institution satisfying the following requirements is a Non-Reporting HKSAR Financial Institution treated as a certified deemed-compliant FFI for purposes of section 1471 of the U.S. Internal Revenue Code:
1. The Financial Institution operates solely as (and is licensed and regulated under the laws of the HKSAR as) a bank or a credit union or similar cooperative credit organization that is operated without profit;
2. The Financial Institution’s business consists primarily of receiving deposits from and making loans to, with respect to a bank, unrelated retail customers, and with respect to a credit union or similar cooperative credit organization, members with a less than five percent interest in such credit union or cooperative credit organization;
3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2) and A(3) of this section, provided that, in addition to the limitations on the website described in subparagraph A(3) of this section, the website does not permit the opening of a Financial Account;
4. The Financial Institution does not have more than $175 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $500 million in total assets on their consolidated or combined balance sheets; and
5. Any Related Entity must be incorporated or organized in the HKSAR, and any Related Entity that is a Financial Institution, 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 or a Financial Institution with only low-value accounts described in paragraph C of this section, must satisfy the requirements set forth in this paragraph B.
Local Bank. A Financial Institution satisfying the following requirements:
1. The Financial Institution operates solely as (and is licensed and regulated under the laws of Saint Kitts and Nevis as)
(a) a bank or (b) a credit union or similar cooperative credit organization that is operated without profit;
2. The Financial Institution’s business consists primarily of receiving deposits from and making loans to, with respect to a bank, unrelated retail customers and, with respect to a credit union or similar cooperative credit organization, members, provided that no member has a greater than five percent interest in such credit union or cooperative credit organization;
3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2) and A(3) of this section, provided that, in addition to the limitations on the website described in subparagraph A(3) of this section, the website does not permit the opening of a Financial Account;
4. The Financial Institution does not have more than $175 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $500 million in total assets on their consolidated or combined balance sheets; and
5. Any Related Entity must be incorporated or organized in Saint Kitts and Nevis, and any Related Entity that is a Financial Institution, 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 or a Financial Institution with only low-value accounts described in paragraph C of this section, must satisfy the requirements set forth in this paragraph B.
Local Bank. A Financial Institution satisfying the following requirements:
1. The Financial Institution operates solely as (and is licensed and regulated under the laws of Australia as) an authorised deposit-taking institution (ADI) as defined in the Banking Xxx 0000;
2. The Financial Institution’s business consists primarily of receiving deposits from and making loans to unrelated retail customers;
3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2) and A(3) of this section, provided that, in addition to the limitations on the website described in subparagraph A(3) of this section, the website does not permit the opening of a Financial Account;
4. The Financial Institution does not have more than $175 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $500 million in total assets on their consolidated or combined balance sheets; and
5. Any Related Entity must be incorporated or organized in Australia, and any Related Entity that is a Financial Institution, 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 or a Financial Institution with only low-value accounts described in paragraph C of this section, must satisfy the requirements set forth in this paragraph B.
Local Bank. A Financial Institution that qualifies as a nonregistering local bank as described in relevant U.S. Treasury regulations, using the following definitions where applicable:
1. The term “bank” shall include any Depository Institution to which the Bank Act or the Trust and Loan Companies Act applies, or which is a trust or loan company regulated by a provincial Act; and
2. The term “credit union or similar cooperative credit organization that is operated without profit” shall include any credit union or similar cooperative credit organization that is entitled to tax-favored treatment with respect to distributions to its members under Canadian law, including any credit union as defined in subsection 137(6) of the Income Tax Act.
Local Bank. A Financial Institution satisfying the following requirements:
1. The Financial Institution operates solely as (and is licensed and regulated under the laws of Honduras as) (a) a bank or (b) a credit union or similar cooperative credit organization that is operated without profit;
2. The Financial Institution’s business consists primarily of receiving deposits from and making loans to, with respect to a bank, unrelated retail customers and, with respect to a credit union or similar cooperative credit organization, members, provided that no member has a greater than five percent interest in such credit union or cooperative credit organization;
3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2) and A(3) of this section, provided that, in addition to the limitations on the website described in subparagraph A(3) of this section, the website does not permit the opening of a Financial Account;
4. The Financial Institution does not have more than $175 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $500 million in total assets on their consolidated or combined balance sheets; and
5. Any Related Entity must be incorporated or organized in Honduras, and any Related Entity that is a Financial Institution, 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 or a Financial Institution with only low-value accounts described in paragraph C of this section, must satisfy the requirements set forth in this paragraph B.
Local Bank. A Financial Institution satisfying the following requirements is a Non- Reporting Republic of Armenia Financial Institution treated as a certified deemed- compliant FFI for purposes of section 1471 of the U.S. Internal Revenue Code:
1. The Financial Institution operates solely as (and is licensed and regulated under the laws of the Republic of Armenia as) (a) a bank or (b) a credit union or similar cooperative credit organization that is operated without profit;
2. The Financial Institution’s business consists primarily of receiving deposits from and making loans to, with respect to a bank, unrelated retail customers and, with respect to a credit union or similar cooperative credit organization, members, provided that no member has a greater than five percent interest in such credit union or cooperative credit organization;
3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2) and A(3) of this section, provided that, in addition to the limitations on the website described in subparagraph A(3) of this section, the website does not permit the opening of a Financial Account;
4. The Financial Institution does not have more than $175 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $500 million in total assets on their consolidated or combined balance sheets; and
5. Any Related Entity must be incorporated or organized in the Republic of Armenia, and any Related Entity that is a Financial Institution, 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 or a Financial Institution with only low-value accounts described in paragraph C of this section, must satisfy the requirements set forth in this paragraph B.
Local Bank. A Financial Institution satisfying the following requirements:
1. The Financial Institution operates solely as (and is licensed and regulated under the laws of Brazil as) (a) a bank, (b) credit consortium, or
Local Bank. A Financial Institution satisfying the following requirements:
1. The Financial Institution operates solely as (and is licensed (or registered) and regulated under the laws of Thailand as) (a) a bank or
