10. Who is exempt from the Foreign Account Tax Compliance Act (FATCA)?

Certain categories of foreign financial institutions* (FFIs) and other entities may be exempt from the FATCA legislation.

Those FFIs that are exempt from the FATCA legislation do not have to register with the US* Internal Revenue Service (IRS) and nor do they need to obtain a Global Intermediate Identification Number* (GIIN). These exempted FFIs will also not be required to do any reporting.

However, although exempted from registration and reporting, they may still be required to complete the relevant IRS documentation depending on the circumstances and the type of FFI they are.

The following other types of entities may also be exempt from FATCA legislation:

• Most government entities.
• Most non-profit organisations exempt from taxation.
• Certain small, local financial institutions.
• Certain retirement funds.

*For any defined terms please see the Table of terms and definitions.