Examples of Cayman Islands Financial Institution in a sentence
An Entity that is a Cayman Islands Financial Institution solely because it is an Investment Entity, provided that each direct holder of an Equity Interest in the Entity is an exempt beneficial owner, and each direct holder of a debt interest in such Entity is either a Depository Institution (with respect to a loan made to such Entity) or an exempt beneficial owner.
A Reporting Cayman Islands Financial Institution may not rely on a self-certification or documentary evidence if the Reporting Cayman Islands Financial Institution knows or has reason to know that the self-certification or documentary evidence is incorrect or unreliable.
The United Kingdom Competent Authority shall notify the Cayman Islands Competent Authority when the United Kingdom Competent Authority has determined that there is significant non-compliance with the obligations under this Agreement with respect to a Reporting Cayman Islands Financial Institution.
If any such Financial Account is discovered, the Financial Institution must either report that account as though the Financial Institution were a Reporting Cayman Islands Financial Institution, or close the account, or transfer the account to a Participating Foreign Financial Institution, Reporting Model 1 Foreign Financial Institution or a US Financial Institution.
For each Relevant Reporting Period, in order for paragraph D to apply to the United Kingdom Reportable Account, the Specified United Kingdom Person who has made an election under subparagraph B.1.b) must also provide certification to the Reporting Cayman Islands Financial Institution in accordance with subparagraph C.1.
Subject to any further terms set forth in a competent authority agreement executed pursuant to paragraph 6 of Article 3, the United Kingdom Competent Authority may make an inquiry directly to a Reporting Cayman Islands Financial Institution in the Cayman Islands where it has reason to believe that administrative errors or other minor errors may have led to incorrect or incomplete information reporting or resulted in other infringements of this Agreement.
If based on this review such account is identified as a United Kingdom Reportable Account on or before 31 December 2014, the Reporting Cayman Islands Financial Institution must report the required information about such account with respect to 2014 in the first report on the Account and on an annual basis thereafter.
If a Preexisting Individual Account is a High Value Account as of 30 June 2014, the Reporting Cayman Islands Financial Institution must complete the enhanced review procedures described in paragraph D of this section with respect to such account by 30 June 2015.
The Reporting Cayman Islands Financial Institution/Cayman Islands resident trustee must undertake the reporting obligations in respect of a Cayman Islands resident trust, where required, unless it has actual knowledge that the information that is required to be reported under the Agreements is being reported by another Financial Institution, whether that Financial Institution is a Cayman Islands Financial Institution or not.
With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Cayman Islands Financial Institution must determine whether the Account Holder is: (i) a Specified United Kingdom Person; (ii) a Non-United Kingdom Resident Entity which is a Financial Institution; (iii), a non-reporting Financial Institution; (v) an exempt beneficial owner; (vi) an Active NFFE or a Passive NFFE.