On 23 November 2015, the IRS issued a release announcing an upgrade to the FATCA online registration system.
According to the IRS release - IR-2015-131 - the FATCA online registration system upgrade:
Today’s IRS release reports that more than 170,000 financial institutions, located in more than 200 jurisdictions, have registered with the IRS.
FATCA requires certain sponsored entities (including those covered by an intergovernmental agreement (IGA)) to have their own GIIN for FATCA reporting and withholding purposes by 31 December 2016. To facilitate this requirement, the FATCA online registration system will now enable sponsoring entities to add their sponsored entities and, if applicable, sponsored subsidiary branches. These entities can be added either individually or by submitting a file containing information for multiple entities.
The IRS release also reports the availability of a Microsoft Excel-based Sponsored entity data preparation tool for users choosing the multiple record file upload option, thereby expanding the values available for the GIIN for new sponsored entities and sponsored subsidiary branches.
The IRS reported that the improvements to the system and new additional features added include:
After a change or transfer, a new FATCA account will be created with existing registration information, including branches.
For further information, please do not hesitate to contact us.
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