Debates Parlamentares - Diário 078S1, p. 62 (2016-05-05)

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II SÉRIE-A — NÚMERO 78 62

to act, or requires an affiliate of the Financial Institution to act, as a sponsoring entity for the Financial Institution;

and (c) the Financial Institution shares a common electronic account system with the sponsoring entity that

enables the sponsoring entity to identify all Account Holders and payees of the Financial Institution and to access

all account and customer information maintained by the Financial Institution including, but not limited to, customer

identification information, customer documentation, account balance, and all payments made to the Account

Holder or payee.

3. The sponsoring entity complies with the following requirements:

a) The sponsoring entity is authorized to act on behalf of the Financial Institution (such as a fund manager,

trustee, corporate director, or managing partner) to fulfill applicable registration requirements on the IRS FATCA

registration website;

b) The sponsoring entity has registered as a sponsoring entity with the IRS on the IRS FATCA registration

website;

c) If the sponsoring entity identifies any U.S. Reportable Accounts with respect to the Financial Institution,

the sponsoring entity registers the Financial Institution pursuant to applicable registration requirements on the

IRS FATCA registration website on or before the later of December 31, 2015 and the date that is 90 days after

such a U.S. Reportable Account is first identified;

d) The sponsoring entity agrees to perform, on behalf of the Financial Institution, all due diligence,

withholding, reporting, and other requirements that the Financial Institution would have been required to perform

if it were a Reporting Portuguese Financial Institution;

e) The sponsoring entity identifies the Financial Institution and includes the identifying number of the Financial

Institution (obtained by following applicable registration requirements on the IRS FATCA registration website) in

all reporting completed on the Financial Institution’s behalf; and

f) The sponsoring entity has not had its status as a sponsor revoked.

C. Sponsored, Closely Held Investment Vehicle. A Portuguese Financial Institution satisfying the following

requirements:

1. The Financial Institution is a Financial Institution solely because it is an Investment Entity and is not a

qualified intermediary, withholding foreign partnership, or withholding foreign trust pursuant to relevant U.S.

Treasury Regulations;

2. The sponsoring entity is a Reporting U.S. Financial Institution, Reporting Model 1 FFI, or Participating FFI,

is authorized to act on behalf of the Financial Institution (such as a professional manager, trustee, or managing

partner), and agrees to perform, on behalf of the Financial Institution, all due diligence, withholding, reporting,

and other requirements that the Financial Institution would have been required to perform if it were a Reporting

Portuguese Financial Institution;

3. The Financial Institution does not hold itself out as an investment vehicle for unrelated parties;

4. Twenty or fewer individuals own all of the debt interests and Equity Interests in the Financial Institution

(disregarding debt interests owned by Participating FFIs and deemed-compliant FFIs and Equity Interests owned

by an Entity if that Entity owns 100 percent of the Equity Interests in the Financial Institution and is itself a

sponsored Financial Institution described in this paragraph C); and

5. The sponsoring entity complies with the following requirements:

a) The sponsoring entity has registered as a sponsoring entity pursuant to applicable registration

requirements;

b) The sponsoring entity agrees to perform, on behalf of the Financial Institution, all due diligence,

withholding, reporting, and other requirements that the Financial Institution would have been required to perform

if it were a Reporting Portuguese Financial Institution and retains documentation collected with respect to the

Financial Institution for a period of six years;

c) The sponsoring entity identifies the Financial Institution in all reporting completed on the Financial

Institution’s behalf; and

d) The sponsoring entity has not had its status as a sponsor revoked.

II SÉRIE-A — NÚMERO 78 62 to act, or requires an affiliate of the Financial Institution to act, as a sponsoring entity for the Financial Institution; and (c) the Financial Institution shares a common electronic account system with the sponsoring entity that enables the sponsoring entity to identify all Account Holders and payees of the Financial Institution and to access all account and customer information maintained by the Financial Institution including, but not limited to, customer identification information, customer documentation, account balance, and all payments made to the Account Holder or payee. 3. The sponsoring entity complies with the following requirements: a) The sponsoring entity is authorized to act on behalf of the Financial Institution (such as a fund manager, trustee, corporate director, or managing partner) to fulfill applicable registration requirements on the IRS FATCA registration website; b) The sponsoring entity has registered as a sponsoring entity with the IRS on the IRS FATCA registration website; c) If the sponsoring entity identifies any U.S. Reportable Accounts with respect to the Financial Institution, the sponsoring entity registers the Financial Institution pursuant to applicable registration requirements on the IRS FATCA registration website on or before the later of December 31, 2015 and the date that is 90 days after such a U.S. Reportable Account is first identified; d) The sponsoring entity agrees to perform, on behalf of the Financial Institution, all due diligence, withholding, reporting, and other requirements that the Financial Institution would have been required to perform if it were a Reporting Portuguese Financial Institution; e) The sponsoring entity identifies the Financial Institution and includes the identifying number of the Financial Institution (obtained by following applicable registration requirements on the IRS FATCA registration website) in all reporting completed on the Financial Institution’s behalf; and f) The sponsoring entity has not had its status as a sponsor revoked. C. Sponsored, Closely Held Investment Vehicle. A Portuguese Financial Institution satisfying the following requirements: 1. The Financial Institution is a Financial Institution solely because it is an Investment Entity and is not a qualified intermediary, withholding foreign partnership, or withholding foreign trust pursuant to relevant U.S. Treasury Regulations; 2. The sponsoring entity is a Reporting U.S. Financial Institution, Reporting Model 1 FFI, or Participating FFI, is authorized to act on behalf of the Financial Institution (such as a professional manager, trustee, or managing partner), and agrees to perform, on behalf of the Financial Institution, all due diligence, withholding, reporting, and other requirements that the Financial Institution would have been required to perform if it were a Reporting Portuguese Financial Institution; 3. The Financial Institution does not hold itself out as an investment vehicle for unrelated parties; 4. Twenty or fewer individuals own all of the debt interests and Equity Interests in the Financial Institution (disregarding debt interests owned by Participating FFIs and deemed-compliant FFIs and Equity Interests owned by an Entity if that Entity owns 100 percent of the Equity Interests in the Financial Institution and is itself a sponsored Financial Institution described in this paragraph C); and 5. The sponsoring entity complies with the following requirements: a) The sponsoring entity has registered as a sponsoring entity pursuant to applicable registration requirements; b) The sponsoring entity agrees to perform, on behalf of the Financial Institution, all due diligence, withholding, reporting, and other requirements that the Financial Institution would have been required to perform if it were a Reporting Portuguese Financial Institution and retains documentation collected with respect to the Financial Institution for a period of six years; c) The sponsoring entity identifies the Financial Institution in all reporting completed on the Financial Institution’s behalf; and d) The sponsoring entity has not had its status as a sponsor revoked.

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