Common Contracts
1 similar null contracts
March 25, 2014Sejong • January 1st, 2008
We write on behalf of the Association of Global Custodians1 to convey members’ views on the manner in which the FATCA 2 concept of “Account Holder” is to be interpreted in the context of Korean sub-custody accounts under the US-Korea Intergovernmental Agreement (IGA) on FATCA currently under negotiation. Members believe that under a proper implementation of FATCA principles, in the case of a sub-custody account maintained with a sub-custodian in Korea and opened by a global custodian on behalf of an investor who holds a custodial account with the global custodian, the global custodian, and not the investor, should effectively be treated as the Account Holder (as that concept has been defined in the FATCA context) for
