Prima facie FFI

FATCA

If the payee is a prima facie FFI, the withholding agent must treat the payee as a nonparticipating FFI beginning on January 1, 2015, until the date the withholding agent obtains documentation sufficient to establish a different chapter 4 status of the payee. A prima facie FFI means any payee if-

(1) The withholding agent has available as part of its electronically searchable information a designation for the payee as a QI or NQI; or [§1.1471-2(a)(4)(ii)(B)(1)]

(2) For an account maintained in the United States, the payee is presumed to be a foreign entity under §1.1471-3(f) or is documented as a foreign entity for purposes of chapter 3 or 61, and the withholding agent has recorded as part of its electronically searchable information one of the following North American Industry Classification System or Standard Industrial Classification codes indicating that the payee is a financial institution: [§1.1471-2(a)(4)(ii)(B)(2)]

(i) Commercial Banking (NAICS 522110). [§1.1471-2(a)(4)(ii)(B)(2)(i)]

(ii) Savings Institutions (NAICS 522120). [§1.1471-2(a)(4)(ii)(B)(2)(ii)]

(iii) Credit Unions (NAICS 522130). [§1.1471-2(a)(4)(ii)(B)(2)(iii)]

(iv) Other Depositary Credit Intermediation (NAICS 522190). [§1.1471-2(a)(4)(ii)(B)(2)(iv)]

(v) Investment Banking and Securities Dealing (NAICS 523110). [§1.1471-2(a)(4)(ii)(B)(2)(v)] (vi) Securities Brokerage (NAICS 523120). [§1.1471-2(a)(4)(ii)(B)(2)(vi)]

(vii) Commodity Contracts Dealing (NAICS 523130). [§1.1471-2(a)(4)(ii)(B)(2)(vii)]

(viii) Commodity Contracts Brokerage (NAICS 523140). [§1.1471-2(a)(4)(ii)(B)(2)(viii)]

(ix) Miscellaneous Financial Investment Activities (NAICS 523999). [§1.1471-2(a)(4)(ii)(B)(2)(ix)]

(x) Open-End Investment Funds (NAICS 525910). [§1.1471-2(a)(4)(ii)(B)(2)(x)]

(xi) Commercial Banks, NEC (SIC 6029). [§1.1471-2(a)(4)(ii)(B)(2)(xi)]

(xii) Branches and Agencies of Foreign Banks (branches) (SIC 6081). [§1.1471-2(a)(4)(ii)(B)(2)(xii)]

(xiii) Foreign Trade and International Banking Institutions (SIC 6082). [§1.1471-2(a)(4)(ii)(B)(2)(xiii)]

(xiv) Asset-Backed Securities (SIC 6189). [§1.1471-2(a)(4)(ii)(B)(2)(xiv)]

(xv) Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200). [§1.1471-2(a)(4)(ii)(B)(2)(xv)]

(xvi) Security Brokers, Dealers & Flotation Companies (SIC 6211). [§1.1471-2(a)(4)(ii)(B)(2)(xvi)]

(xvii) Commodity Contracts Brokers & Dealers (SIC 6221). [§1.1471-2(a)(4)(ii)(B)(2)(xvii)]

(xviii) Unit Investment Trusts, Face-Amount Certificate Offices, and Closed-End Management Investment Offices (SIC 6726). [§1.1471-2(a)(4)(ii)(B)(2)(xviii)]

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