Significant Non-Compliance. Under Article 5
Significant Non-Compliance a) A Competent Authority shall notify the Competent Authority of the other Party when the first-mentioned Competent Authority has determined that there is significant non-compliance with the obligations under this Agreement with respect to a Reporting Financial Institution in the other jurisdiction. The Competent Authority of such other Party shall apply its domestic law (including applicable penalties) to address the significant non-compliance described in the notice.
b) If, in the case of a Reporting Finnish Financial Institution, such enforcement actions do not resolve the non-compliance within a period of 18 months after notification of significant non-compliance is first provided, the United States shall treat the Reporting Finnish Financial Institution as a Nonparticipating Financial Institution pursuant to this subparagraph 2(b).
Significant Non-Compliance. A Competent Authority shall notify the Competent Authority of the other Party when the first-mentioned Competent Authority has determined that there is significant non-compliance with the obligations under this Agreement with respect to a Reporting Financial Institution in the other jurisdiction. The Competent Authority of such other Party shall apply its domestic law (including applicable penalties) to address the significant non-compliance described in the notice in a timely manner.
Significant Non-Compliance a) A Competent Authority will notify the Competent Authority of the other Party when the first-mentioned Competent Authority has determined that there is significant non-compliance with the obligations under this Agreement with respect to a Reporting Financial Institution in the other jurisdiction. The Competent Authority of such other Party shall apply its domestic law (including applicable penalties) to address the significant non-compliance described in the notice.
b) If, in the case of a Reporting [FATCA Partner] Financial Institution, such enforcement actions do not resolve the non-compliance within a period of 18 months after notification of significant non-compliance is first provided by the U.S. Competent Authority, the United States will treat the Reporting [FATCA Partner] Financial Institution as a Nonparticipating Financial Institution. The IRS will make available a list of all Reporting [FATCA Partner] Financial Institutions that are treated as Nonparticipating Financial Institutions pursuant to this paragraph.
Significant Non-Compliance.
a) A Competent Authority shall notify the Competent Authority of the other Party when the first-mentioned Competent Authority has determined that there is significant non-compliance with the obligations under this Agreement with respect to a Reporting Financial Institution in the other jurisdiction. The Competent Authority of such other Party shall apply its domestic law (including applicable penalties) to address the significant non-compliance described in the notice.
b) If, in the case of a Reporting Indian Financial Institution, such enforcement actions do not resolve the non-compliance within a period of 18 months after notification of significant non-compliance is first provided, the United States shall treat the Reporting Indian Financial Institution as a Nonparticipating Financial Institution pursuant to this subparagraph 2(b).
Significant Non-Compliance. The U.S. Competent Authority shall notify the Austrian Competent Authority when the U.S. Competent Authority has determined that there is significant non-compliance with the requirements of an FFI Agreement or this Agreement with respect to a Reporting Austrian Financial Institution. If the non- compliance is not resolved within a period of 12 months after notification of significant non-compliance is first provided by the U.S. Competent Authority, the United States shall treat the Reporting Austrian Financial Institution as a Nonparticipating Financial Institution pursuant to this paragraph 2.
Significant Non-Compliance a) The U.S. Competent Authority shall notify the [FATCA Partner] Competent Authority when the U.S. Competent Authority has determined that there is significant non-compliance with the obligations under this Agreement with respect to a Reporting [FATCA Partner] Financial Institution. The [FATCA Partner] Competent Authority shall apply its domestic law (including applicable penalties) to address the significant non-compliance described in the notice.
b) If such enforcement actions do not resolve the non-compliance within a period of 18 months after notification of significant non-compliance is first provided by the U.S. Competent Authority, the United States shall treat the Reporting [FATCA Partner] Financial Institution as a Nonparticipating Financial Institution pursuant to this subparagraph 2(b).
Significant Non-Compliance a) A Competent Authority shall notify the Competent Authority of the other Party when the first-mentioned Competent Authority has determined that there is significant non-compliance with the obligations under this Agreement with respect to a Reporting Financial Institution in the other jurisdiction. The Competent Authority of such other Party shall apply its domestic law (including applicable penalties) to address the significant non-compliance described in the notice.
b) If, in the case of a Reporting Danish Financial Institution, such enforcement actions do not resolve the non-compliance within a period of 18 months after notification of significant non-compliance is first provided, the United States shall treat the Reporting Danish Financial Institution as a Nonparticipating Financial Institution. The IRS shall make available a list of all Reporting Danish Financial Institutions and other Partner Jurisdiction Financial Institutions that are treated as Nonparticipating Financial Institutions pursuant to this paragraph.
Significant Non-Compliance. The U.S. Competent Authority shall notify the Swiss Competent Authority when the U.S. Competent Authority has determined that there is significant non-compliance with the requirements of an FFI Agreement or this Agreement with respect to a Reporting Swiss Financial Institution. If the non-compliance is not resolved within a period of 12 months after notification of significant non-compliance is first provided by the U.S. Competent Authority, the United States shall treat the Reporting Swiss Financial Institution as a Nonparticipating Financial Institution pursuant to this paragraph. The IRS shall make available a list of all Partner Jurisdiction Financial Institutions that are treated as Nonparticipating Financial Institutions.
Significant Non-Compliance a) A Competent Authority shall notify the Competent Authority of the other Party when the first-mentioned Competent Authority has determined that there is significant non-compliance with the obligations under this Agreement with respect to a Reporting Financial Institution in the other jurisdiction. The Competent Authority of such other Party shall apply its domestic law (including applicable penalties) to address the significant non-compliance described in the notice.
b) If, in the case of a Reporting Irish Financial Institution, such enforcement actions do not resolve the non-compliance within a period of 18 months after notification of significant non-compliance is first provided, the United States shall treat the Reporting Irish Financial Institution as a Nonparticipating Financial Institution. The IRS shall make available a list of all Reporting Irish Financial Institutions and other Partner Jurisdiction Financial Institutions that are treated as Nonparticipating Financial Institutions pursuant to this paragraph.
