The Internal Revenue Service released today (10/29/13) Notice 2013-69 that provides guidance for foreign financial institutions (FFIs) entering into an FFI agreement with the IRS to be treated as a participating FFI or Reporting Model 2 FFI under the provisions commonly referred to as FATCA.

This notice includes a draft copy of the FFI agreement, which will be finalized before December 31, 2013.

This notice also provides guidance to FFIs and branches of FFIs treated as reporting financial institutions under an applicable Model 2 intergovernmental agreement (IGA) on complying with the terms of an FFI agreement, as modified by the IGA.

Section III of this notice provides a description of the general responsibilities of participating FFIs and reporting Model 2 FFIs and some of the intended updates to the regulations and related forms.

Section IV of this notice describes the procedures for FFIs to register for participating FFI or reporting Model 2 FFI status. Read More