Purpose of the Guidance Notes High level interpretation of the - PowerPoint PPT Presentation

Purpose of the Guidance Notes ► High level interpretation of the Inter-governmental Agreement (IGA) between The Bahamas and The United States. ► Assist Bahamas Financial Institutions to better understand the requirements of FATCA industry. ► The Guidance Notes are there to convey principles that can be applied to various situations and circumstances.

The Guidance Notes: Are not designed to provide answers to all situations Are not regulations or legislation Are NOT legal advice

Future Changes to the Reporting Landscape ► The Guidance Notes may be amended from time to time to add further guidance as needed for the following reasons: ► To address particular issues in reporting and the industry ► If changes are made to existing regulation ► If necessary to improve compliance ► Common Reporting Standards (CRS) Implementation

Overview of the Guidance Notes ► Total pages: 130+ ► Discusses US IGA and US FATCA Regulations in detail ► Consistent with other IGA countries as applicable ► Highlights key definitions, industries, particular entities, and procedures

Assist Entities in Answering the Following Questions ► Am I a Financial Institution? ► Do I maintain Financial Accounts? ► Do I need to Register with the IRS and if so, by when and how? ► Do I need to report any information and if so, what information, when, and how? ► I maintain a Financial Account for an NFFE. What are my obligations?

Key Areas Defined ► Background ► IGA, Interaction with US FATCA Regulations, Bahamas Competent Authority ► Financial Institutions ► Custodial Institutions ► Depository Institutions ► Investment Entities ► Non-Reporting Financial Institutions ► Registered Deemed Compliant ► Certified Deemed Compliant

Industry/Entity Discussion ► Trusts ► Insurance Companies (Captives) ► Asset Management Companies ► Specific Vehicles ► Securitization and structured finance, capital raising subsidiaries, etc.

Procedural Discussion Registration Due Diligence Requirements Reporting Obligations Compliance

Closing Points Next Steps

Purpose of the Guidance Notes High level interpretation of the - PowerPoint PPT Presentation

Purpose of the Guidance Notes High level interpretation of the Inter-governmental Agreement (IGA) between The Bahamas and The United States. Assist Bahamas Financial Institutions to better understand the requirements of FATCA industry.

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Purpose of the Guidance Notes High level interpretation of the - PowerPoint PPT Presentation

Purpose of the Guidance Notes High level interpretation of the Inter-governmental Agreement (IGA) between The Bahamas and The United States. Assist Bahamas Financial Institutions to better understand the requirements of FATCA industry.

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1 MISSION YOUTH GUIDANCE GALA 2016 YOUTH GUIDANCE GALA 2016 Mission : Youth Guidance creates and

Aggregate Advisory Board August 12, 2015 Technical Guidance New Guidance on Development of

Records Guidance January 2012 Records guidance project Objective: Improve the access to the

Guidelines for Compliance Guidance Purpose Guidance Purpose To I nstruct Environmental

Patient presentation notes Older Persons Day 2019 ***Note these notes are for guidance only***

GP presentation notes Older Persons Day 2019 ***Note these notes are for guidance only***

Printout Tuesday, October 29, 2019 7:38 PM Quick Notes Page 1 Quick Notes Page 2 Quick Notes

Briefing Notes The Briefing Notes Page The Briefing Notes include: An introduction to the

Problem solved: IBM Notes Replacement 2 IBM Notes Replacement Migrating from IBM Notes to

Guidance U.S. Department of Education Agenda Goals of the Uniform Guidance and key takeaways

Dighton-Rehoboth Regional High School Guidance Department GUIDANCE COUNSELORS FOR CLASS OF 2017 :

Guidance Office Kamryn Bonds Guidance Counselor Kbonds@pineforgeacdemy.org Guidance Department

Guidance in Education NCGE and Euroguidance Resources for Guidance Counsellors 8th September 2020

Uniform Guidance aka UG, UniGui HUGE: CSU Harnessing Uniform Guidance Effectively An update

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