CRS/FATCA Step by step

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Enterprises that are wholly or partially exempt from the reporting obligation

Some enterprises are entirely or partially exempt from the reporting obligation which implements CRS/FATCA, even though the enterprise is considered a financial institution.

In brief, the exemptions concern:

  • the Norwegian State, government bodies and wholly owned enterprises
  • Norges Bank and subsidiaries
  • international organisations (Intergovernmental and supranational organisations)
  • pension funds, depository pension enterprises and private pension funds established before 1968
  • credit card issuers that only have credit cards with deposit limits
  • non-profit organisations (partial exemption)
  • local credit unions (partial exemption)
  • local banks (partial exemption)
  • financial institutions which manage low value accounts (partial exemption)
  • small financial institutions with a local client base (partial exemption)
  • mutual fund and alternative investment funds (partial exemption)

If an enterprise may be covered by the exemptions described above, further consideration must be given to whether the enterprise is covered. You will find more information on which enterprises are covered by the reporting obligation in the guidance.

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