|Each Reporting UK Financial Institution and any entity that is Registered Deemed Compliant Entity or a Direct Reporting NFFE will be required to register and obtain a Global Intermediary Identification Number (GIIN) from the IRS.
GIINs will be assigned to registered entities from January 2014. The IRS will publish guidance regarding the registration process.
UK Financial Institutions are not required to provide a GIIN to establish their FATCA status before 1 January 2015. Before that date Model 1 Financial Institutions can confirm their status by either:
The following types of entity are not required to register and should not seek to do so:
Where a Financial Institution with a Local Client Base has a reporting obligation, because it has US Reportable Accounts, will be required to obtain a GIIN.
Entities that are Reporting Financial Institutions and also acting as a sponsor for other entities will need to register separately for each of these roles.
An umbrella fund may register with IRS either at sub-fund and/or umbrella level. This may lead to nil returns by the umbrella fund where the shares are issued to investors at sub-fund level however in this case all investors will be reported to HMRC at sub-fund level.