Significant Non-Compliance. 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 requirements of an FFI Agreement or this Agreement with respect to a Reporting [FATCA Partner] 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 [FATCA Partner] Financial Institution as a Nonparticipating Financial Institution pursuant to this paragraph 2.
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Samples: www.qisolutions.us, home.treasury.gov, home.treasury.gov
