Assumes primary withholding responsibility

FATCA

The term assumes primary withholding responsibility means that a Ql, territory financial institution, or U.S. branch of a participating FFI or registered deemed-compliant FFI that assumes responsibility for withholding on a payment for purposes of chapters 3 and 4 as if it were a U.S. person. A Ql may only assume primary withholding responsibility if it does not make an election to be withheld upon with respect to the payment.

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