CRS/FATCA Step by step

  • Print

Which enterprises are covered as declarants (financial institutions)?

Declarants are:

  • enterprises that receive deposits as part of ordinary banking activity or other similar business. Enterprises that grant credit and allow the customer to pay in an amount exceeding the outstanding amount, without this amount being immediately returned to the customer, are considered to receive deposits.
  • enterprises that hold or manage financial instruments and other financial products on behalf of others as a part of their business. Securities held in a central securities depository are considered to be managed by the account operator.
  • insurance companies and others that issue or are obligated to make payments under an insurance agreement with a surrender value, or to make payments under a pension agreement, an annuity contract, or another contract when the time frame for payment is fully or partly determined with reference to the anticipated life expectancy of one or more natural persons.
  • enterprises that have received more than 50 per cent of their gross income over the past three financial years from one or more of the following activities or operations, exercised in business activities for or on behalf of a customer:
    • trading in money market instruments (cheques, bills, certificates of deposit, derivatives, etc.), foreign exchange, exchange, interest rate and index instruments, transferable securities or commodity futures trading,
    • individual and collective portfolio management, or
    • otherwise investing, administering, or managing financial instruments and other financial products or money on behalf of other persons
  • entities with income from investing, reinvesting or trading in financial instruments and other financial products, which are governed, administered or otherwise managed by an entity referred to above.
  • If an enterprise carries out activity described above, further consideration must be given to whether the enterprise is covered.

Did you find what you were looking for?

Maks 255 tegn. Kun tall og bokstaver.