Financial Account

CRS

The term “Financial Account” means an account maintained by a Financial Institution, and includes a Depository Account, a Custodial Account and:

a) in the case of an Investment Entity, any equity or debt interest in the Financial Institution. Notwithstanding the foregoing, the term “Financial Account” does not include any equity or debt interest in an Entity that is an Investment Entity solely because it (i) renders investment advice to, and acts on behalf of, or (ii) manages portfolios for, and acts on behalf of, a customer for the purpose of investing, managing, or administering Financial Assets deposited in the name of the customer with a Financial Institution other than such Entity;

b) in the case of a Financial Institution not described in subparagraph C(l)(a), any equity or debt interest in the Financial Institution, if the class of interests was established with a purpose of avoiding reporting in accordance with Section I; and

c) any Cash Value Insurance Contract and any Annuity Contract issued or maintained by a Financial Institution, other than a noninvestment-linked, non-transferable immediate life annuity that is issued to an individual and monetises a pension or disability benefit provided under an account that is an Excluded Account.

The term “Financial Account” does not include any account that is an Excluded Account.

FATCA

Financial accounts [§1.1471-5(b)]
 

1-5(b)(1) In general [§1.1471-5(b)(1)]

Except as otherwise provided in this paragraph (b), the term financial account means-

(1)(i) Depository account [§1.1471-5(b)(1)(i)]

Any depository account (as defined in paragraph (b)(3)(i) of this section) maintained by a financial institution;

(1)(ii) Custodial account [§1.1471-5(b)(1)(ii)]

Any custodial account (as defined in paragraph (b)(3)(ii) of this section) maintained by a financial institution;

(1)(iii) Equity or debt interest [§1.1471-5(b)(1)(iii)] Insurance and annuity contracts [§1.1471-5(b)(1)(iv)]

 

Also see AEIM 101500

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