02.37 – Partnerships

For the purposes of the Agreement, partnerships are regarded as an entity. The type of entity will depend on the activities undertaken by the partnership, and a partnership may fall into any of the categories of Financial Institution.

Where a partnership is a Financial Institution, it will need to identify any Financial Accounts it holds, including any equity interest in the partnership itself. This means that a partnership will be required to identify and where necessary report on the capital or profits interest in the partnership of any partners who are Specified US Persons.