Notice to Reporting United Kingdom Financial Institution. The United Kingdom Competent Authority should notify the relevant Reporting United Kingdom Financial Institution of the significant non-compliance determination, including the date the U.S. Competent Authority provided notice of such non-compliance to the United Kingdom Competent Authority (per Paragraph 3.3.4). The notice should also indicate that if the significant non-compliance is not cured within eighteen (18) months after the date the U.S Competent Authority provided notice to the United Kingdom Competent Authority, the relevant Reporting United Kingdom Financial Institution may be treated as a Nonparticipating Financial Institution, its name may be removed from the IRS FFI list, and it may therefore be subject to 30-percent withholding under section 1471(a) of the U.S. Internal Revenue Code.
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Samples: Competent Authority Arrangement, Competent Authority Arrangement, Competent Authority Arrangement
