Yes, participating MFFs (including reporting Model 2 FFIs) who have also complied with the terms of the FFI agreement (including the current FFI agreement since 1 January 2017) have until 24 October 2017 to extend the FFI agreement and continue to be treated as a participating FFI. If a company to renew the FFI agreement does not extend the FFI agreement until October 24, 2017, the company`s registration status is changed to “incomplete,” the company`s GIIN will no longer be on the monthly FFI list as of November and the company will be considered a non-participating FFI as of January 1, 2017. , as in section 3.02 of the 2017-16 turnover procedure.Added: 08-01-2017 By clicking on this box, I, [the competent official or delegate of the latter (hereafter referred to as “RO”),], confirms that the above information is accurate and complete in good conscience, and I am entitled to accept that the financial institution (including its branches, if it exists) will fulfill its FATCA obligations. , in accordance with the conditions set out in the regulations. , intergovernmental agreements and other administrative guidelines, to the extent that this applies to the financial institution, on the basis of its status in any jurisdiction in which it operates. Note: Part 4 of Form 8957 contains a substantially similar certification. In Section 12.01 of Rev. Proc. 2017-16, 2017-3 I.R.B 501, it is indicated that the current FFI contract expires on December 31, 2018 and may be renewed in accordance with Section 12.08.
Section 12.08 provides that a participating FFI may renew the FFI agreement on the FATCA registration site or by the IRS. Notwithstanding the provisions of Section 12.08, there is no renewal action for registered FFIs. Instead of renewing the FFI agreement on a link on the FATCA registration site, a participating FFI who intends to renew the FFI agreement can do so by remaining registered on the FATCA registration site after December 31, 2018. The IRS will continue to register a participating FFI as its consent under the FFI agreement in The Rev. Proc. 2017-16 until December 31, 2022 or the publication of another revenue procedure, rev. Proc. 2017-16 in whole or in part. Rev`s FFI agreement. Proc.
2014-38 ended on December 31, 2016. Therefore, if you do not extend your FFI agreement (according to the 2017-16 revenue procedure) until July 31, 2017, you will be considered non-participating FFI from January 1, 2017 and you will be removed from the FFI list. Added: 07-03-2017 The answer depends on your FATCA rating. Not all companies are required to enter into an FFI agreement to obtain an FFI. If you are a company that must enter into an FFI agreement and did so before January 1, 2017, you must extend your FFI contract until July 31, 2017 in the FFI FATCA registration system if you wish to remain on the FFI list. The following table provides an overview of the types of businesses needed to renew their FFI agreement. More information is available in sections 4 and 6 of the 2017-16 revenue procedure, in treasury regulations or in an applicable intergovernmental agreement (IGA). and some Model 1 IGA laws, in which previous agreements involve companies not directly sponsored in the IGA.