1 Cape. The scope of the law, etc.
section 1 of this Act apply to such identification of accounts
financial institutions are supposed to do, and provided for in the agreement between the
The Government of Sweden and the United States of America for
to improve international compliance with tax laws and
in order to implement the FATCA (FATCA agreement).
The law also applies to such identification of non-participation
financial institutions (non FATCA participating financial
Institute) and the provision of information on
payments to non-participating FATCA financial institutions
referred to in the FATCA agreement.
section 2 of this Act are
– definitions and explanations (Chapter 2 and 3 Chapter 4 – 20 sections),
— provisions on excepted financial institutions;
actual owners and accounts (3 Chapter 1 – 3 sections),
— provisions on review of existing financial accounts
held by natural persons (4 chapters),
— provisions on review of new financial accounts
held by natural persons (Chapter 5.),
— provisions on review of existing financial accounts
held by units (6 Chapter 1 – 6 and 9 sections),
— provisions on identification of non FATCA participation
financial institutions and the provision of information on
payments to such (6 ch. 7 and 8 sections),
— provisions on review of new financial accounts
held by units (Chapter 7), and
– other provisions (Chapter 8).
Chapter 2. Definitions and explanations
Where can I find definitions and explanations?
section 1 of this chapter, see definitions of certain concepts as well as
explanations of how some terms and expressions used in the
the law. There are definitions and explanations in 3
Cape.
Provisions concerning the importance of the following concepts, terms and
expressions and explanations, see the following sections:
active non-financial entity in 2 – 4 sections
u.s. person in section 21
American territory in section 21
share in equity in section 21
existing account in section 21
competent intermediaries in section 21
wide pension fund in Chapter 3. section 6 of the
participating financial institution in
holding account in section 11 of
subsidiaries in 21 §
device in section 21
established securities market in section 13
FATCA in section 21
financial institution in 6-10 sections
financial institution with only low value accounts in Chapter 3. section 10 of the
financial institution with local customer base in Chapter 3. section 8
financial account in section 11 of
subject to regularly trade in section 12
insurance contracts in section 21
insurance policies with cash value in section 21
resident in the United States in section 14
non-participating financial institution in FATCA section 21
deposit account in section 11 of
international organisation in Chapter 3. 5 §
investment unit in section 9
investment manager in Chapter 3. section 15
investment advisors in Chapter 3. 14 §
investment entity owned entirely by exempt actual
holders in Chapter 3. 7 §
cash value in section 15,
account holder in section 16 of
account held by the estate in Chapter 3. section 17 of the
qualified issuers of credit cards in Chapter 3. section 11 of the
qualified credit card account in Chapter 3. section 20 of the
withholding tax containing device in section 21
source taxable payment with American source in section 21
life income agreements in section 21
local bank in Chapter 3. 9 §
administrative unit in Chapter 3. 4 §
new account in section 21
related device in section 17
partner jurisdiction in section 21
partner account of jurisdiction in Chapter 3. 19 §
passive non-financial entity in section 21
person with a controlling interest in 18 §
reporting required financial institution in section 19
reporting obligation account in section 21
reporting required financial institutions as model 1 in
section 20 of the
detailed u.s. person in section 21
escrow account in Chapter 3. section 18 of the
sponsoring investment company ownerships in 3
Cape. section 13
sponsoring investment unit in Chapter 3. 12 §
sponsoring controlled companies in Chapter 3. 12 §
some temporary assurance on death in Chapter 3. 16 §
Active non-financial entity
2 §/expires U: 2016-01-01/With active non-financial entity "means an entity which is not
is habitually resident in the United States, is not a financial institution and
1. whose income during the previous calendar year, or
other appropriate reporting period to less than 50%
consists of revenue from activities other than the movement and whose
assets held during the previous calendar year
or other appropriate reporting period to less than 50
percent of assets that generate or held in
order to generate such revenue;
2. the units of which are subject to regular trading on a
established securities market,
3. related to an entity whose shares are subject
for regular trading on an established securities market,
4. must have their main headquarters in a u.s. territory, where
all persons participating in the unit have their actual
residents of this u.s. territory,
5. who is
(a)) a different government than the United States Government,
(b)) a political administrative area under such Government
referred to in point (a);
c) a public body that carries out duties such
Government referred to in (a) or for such political
administrative sector referred to in point (b),
d) a Government in a u.s. territory,
e) an international organization,
f) a central bank of issue which is not American,
or
g) an entity that is owned exclusively by someone referred to in (a) to (f),
6. whose activities exclusively or almost exclusively
consists in
(a)) own all or part of the outstanding holding in a
or more subsidiaries engaged in trading or
business other than the business of a financial
institutions, or
(b)) to provide funding and services to a
or more such subsidiaries referred to in (a),
7. who do not carry out or have carried out any
business operations and investing in capital assets in
order to engage in business activities that do not constitute activities
in a financial institution and has been established within the
past 24 months,
8. who has not been a financial institution during the last
five years and are in the process of liquidating their assets or
undergoing a reorganization in order to continue or
resume business activities which are not operating in a
financial institution, or
9. which are mainly engaged in funding or
hedgingtransaktioner with or to related entities that are not
are financial institutions, and which does not provide
insurance-or hedgingtjänster to any device that is not
related to, provided that the group to which the
related devices are part of engaging in business activities
that is not the business of a financial institution.
A device shall not, however, be considered to be an active non-financial
unit referred to in the first subparagraph 6 of the acts as or claims
to be some kind of investment Department whose purpose
is to acquire or finance companies and then hold
shares in these companies as fixed assets for
investment purposes.
2 §/comes into force: 2016-01-01/With active non-financial entity "means an entity who do not live in the United States, is not a financial institution and
1. whose income during the previous calendar year, or other appropriate reporting period to less than 50% is accounted for by income from activities other than the movement and whose assets held during the previous calendar year, or other appropriate reporting period to less than 50 per cent of assets that generate or held for the purpose of generating such income,
2. the units of which are subject to regular trading on an established securities market,
3. related to an entity whose shares are subject to regular trading on an established securities market,
4. must have their main headquarters in a u.s. territory, and in which all persons participating in the unit have their actual domicile in this u.s. territory,
5. who is
(a)) a different government than the United States Government, (b)) a political administrative area under such a Government as referred to in point (a),
c) a public body which carries out duties on behalf of such Government referred to in (a) or for such a political administrative sector referred to in point (b),
d) a Government in a u.s. territory,
e) an international organization,
f) a central bank of issue which is not American, or
g) an entity that is owned exclusively by someone referred to in (a) to (f),
6. whose activities exclusively or almost exclusively consists of
(a)) own all or part of the outstanding ownership in one or several subsidiaries which engaged in trade or business other than the business of a financial institution, or
(b)) to provide funding and services to one or more such subsidiaries referred to in (a),
7. who are not engaged in or have previously engaged in any business activities and investing in capital assets for the purpose of carrying on trade or business other than the business of a financial institution and has been established within the past 24 months,
8. who has not been a financial institution during the last five years and that is in the process of winding down its assets or undergoing a reorganization in order to continue or resume economic activity does not constitute the business of a financial institution, or
9. which are mainly engaged in funding or hedgingtransaktioner with or to related entities that are not financial institutions, and does not provide financial or hedgingtjänster to any entity that is not related, provided that the group to which the related entities included in engaged in business other than the business of a financial institution.
A device shall not, however, be considered to be an active non-financial entity as referred to in the first subparagraph 6 of the act as, or purporting to be any kind of investment unit, the purpose of which is to acquire or finance companies and then hold
shares in these companies as fixed assets for investment purposes. Law (2015:920).
3 § With active non-financial entity means a device
1. which has been established and is operating in the jurisdiction in which the
It is resident, and
(a)) which has been established and operates exclusively for purposes
concerning religion, charity, science, artistry,
culture, sport or education, or
(b)) which is a professional body, professional association,
Chambers of Commerce, Trade Union, agriculture or
horticultural production organization, non-governmental organisation or a
organization that exclusively works to promote social
welfare,
2. exempt from income tax in the jurisdiction in which the
the resident,
3. not have any owners or members with ownership or
profit in the case of the unit's revenues or
assets,
4. the law of jurisdiction of residence or whose
Memorandum not allows you to some of the unit's revenue
or assets be distributed to or used for the benefit of
a private person or entity that is not a
charity drive, in addition to if this occurs as a result of
the device's completion of the destinations referred to in 1 or
payment of reasonable compensation for services rendered or who
payment corresponding to the fair market value of property
This unit has acquired, and
5. the law of jurisdiction of residence or whose
Memorandum provides that the unit's all assets at
its winding up or dissolution will be conferred an authority
or another not-for-profit organization or State,
the Government or a political administrative sector during
Government in the jurisdiction of residence.
4 section With active non-financial entity for the purposes such
foundations, not-for-profit organizations, registered religious communities and
other legal persons are excluded from
liability under Chapter 7. 3-17 of the income tax act
(1999:1229).
With active non-financial entity means a
withholding tax containing device.
Participating financial institution
5 § involving financial institution "means a financial
institutions that have agreed to comply with the requirements of a
agreement between a financial institution and the u.s.
Federal tax authorities to indicate how the financial
the Institute will act in order for it to be deemed to meet the requirements of
the relevant provisions of the FATCA (FFI agreement).
With the participating financial institution ' shall also
1. a financial institution described in an intergovernmental
contract under model 2 and who have agreed to comply with the
the requirements of an FFI agreement, and
2. such a branch of a reporting duty American
financial institution authorized intermediaries unless
the branch is such a reporting obligation institutions
referred to in section 20.
With the intergovernmental agreement under model 2 referred to an agreement
has been entered into between the United States or the American
the Ministry of finance and a non-u.s. Government or a
or bodies subordinate to such a Government, with a view to
facilitate the implementation of the FATCA by financial
institution reports information directly to the u.s.
Federal tax authorities in accordance with the requirements of a
FFI agreement, while data also exchanged between a
such non-u.s. Government or a body or bodies
child such a Government and the u.s. Federal
the tax authorities.
Financial institution
6 §/expires U: 2016-01-01-With financial institution "means a device as defined in 7, 8,
9 or section 10. With the financial institution referred to but not in
some cases, an entity whose activities are exclusively or almost
consisting exclusively
1. directly or indirectly owning all or part of the
outstanding shares in one or more subsidiaries which
trade or business other than
the business of a financial institution or
provide funding and services to one or more
such subsidiaries, or
2. by funding or hedgingtransaktioner with or to the
related entities that are not financial institutions but not
provision of insurance or hedgingtjänster to
any entity that is not related, if the group to which the
related devices are part of engaging in business activities
that is not the business of a financial institution.
With the financial institution referred to in any case a
Unit is a treasurycenter as defined by this
concepts in relevant u.s. regulations in its amended
on August 8, 2014.
6 §/comes into force: 2016-01-01-With financial institution "means a device as defined in 7, 8, 9 or 10 §. With the financial institution referred to but not an entity whose activities are exclusively or almost exclusively consists
1. directly or indirectly owning part or all of the outstanding shares in one or more subsidiaries engaged in trade or business other than the business of a financial institution or to provide funding and services to one or more such subsidiaries, or
2. by funding or hedgingtransaktioner with or to related entities that are not financial institutions but not the provision of financing or hedgingtjänster to any entity that is not related, if the group to which the related entities included in engaged in business other than the business of a financial institution.
With the financial institution referred to in any case, an entity which is a treasurycenter within the meaning of this concept in the relevant u.s. regulations in its amended on 8 August 2014.
A device referred to in the first subparagraph 1 shall be deemed to be a financial institution if it is or purports to be some kind of device the purpose of which is to acquire or finance companies and then hold shares in such companies as fixed assets for investment purposes. Law (2015:920).
section 7/expires U: 2016-01-01/a device is a financial institution if the storage or
management of financial assets for someone else's
Bill is such a substantial part of the business to those of
the unit's revenue derived from such storage or
management and related financial services represent
or more than 20 percent of the unit's total revenue
during the shortest period of
1. the three-year period ended at the end of the
fiscal years preceding the date on which the assessment is made,
or
2. the period for which the unit has existed.
section 7/shall enter into force in: 2016-01-01/a device is a financial institution on the disposal of financial assets on behalf of someone else is such a substantial part of the activities to those of the unit's revenue derived from such storage and associated financial services equal to or greater than 20 percent of the unit's total revenue in the shortest period of
1. the three-year period ended at the end of the fiscal year preceding the date on which the assessment is made, or
2. the period for which the unit has existed.
Law (2015:920).
section 8 a device is a financial institution if it receives
deposits within the framework of regular activities
credit institutions or similar activities.
section 9, an entity is a financial institution if it in its
trade or business, or if it is administered by another device
as in his trade, engaged in one or more of the
the following activities on behalf of a client:
1. trade in money market instruments, foreign exchange, currency,
interest rate or index instruments, transferable securities or
råvarufutures,
2. individual and collective portfolio management, or
3. other activities which involve money or other resources
invested, administered or managed.
Such financial institutions referred to in the first subparagraph
referred to in this law investment units.
section 10 of an entity is a financial institution if it is a
such insurance company or insurance company
holding company signs or are obliged to apply the
payments in accordance with the insurance contracts with
cash value or life income agreements.
Financial account
11 §/expires U: 2016-03-01/
With financial account "means an account with a
financial institutions which are
1. a business, payroll, social security, savings, asset or
giro account or account which is documented through
certificates of deposit, savings certificates, investment certificates,
certificates of deposit, or other similar instruments
provided by a financial institution within the framework of the
its regular activities of credit institutions or
similar activities, as well as the amount managed by a
insurance undertakings which, in accordance with an agreement
guaranteed investment or similar agreements are subject to
the payment or crediting of interest
(deposit account),
2. an account other than an insurance or annuity contract
and maintained for the benefit of any other person, and
includes a financial instrument or
investment treaties, such as stock or other interest in a
companies, debt securities, bond, loan certificate or other
Bills, kreditswap, swap based on non-financial
index, fictitious capital contracts, insurance or
life income agreements and option or other derivative (holding accounts),
3. a share in equity and liabilities of an entity that is
a financial institution solely due to the fact that it is
such a device referred to in section 9, if the share is not subject
for regular trading on an established securities market,
4. a share in equity and liabilities of an entity that is
another financial institution than such as referred to in section 9,
If
(a)) share are not subject to regular trading on a
established securities market,
(b)) the value of share in equity and liabilities directly
or indirectly mainly determined on the basis of
assets that generate source taxable payments
with American source, and
c) type of share is selected in order to avoid that the proportion of
is considered to be a reporting obligation under this account
law, or
5. an insurance contract with cash value or life income agreements
which are taken out or managed by a financial institution.
An account referred to in the first paragraph shall not, however, be deemed to be
a financial account for the purposes of this Act if it is
exemption from reporting under the provisions of 3
Cape.
11 §/comes into force: 2016-03-01/
With financial account "means an account held with a financial institution that is 1. a business, payroll, social security, savings, capital-or giro account or account that is documented by certificates of deposit, savings certificates, investment certificates, certificates of deposit, or other similar instruments provided by a financial institution as part of its regular activities of credit institutions, or similar activities, as well as the amount managed by an insurance undertaking which, in accordance with an agreement on guaranteed investment or similar agreement is subject to the payment or crediting of interest (savings account) ,
2. an account other than an insurance or annuity contract and taken to the benefit of any other person and includes a financial instrument or investment agreements, such as stock or other interest in a company, debt securities, bond, loan certificate or other evidence of debt, kreditswap, swap based on non-financial index, fictitious capital contracts, insurance or annuity contracts and option or other derivative (holding account), 3. a share in equity and liabilities of an entity that is a financial institution solely due to the fact that there is such an entity as referred to in section 9, if the share is not subject to regular trading on an established securities market, 4. a share in equity and liabilities of an entity that is a financial institution, other than such as referred to in section 9, if a) share are not subject to regular trading on an established securities market,
(b)) the value of share in equity and liabilities directly or indirectly mainly determined on the basis of assets that generate source taxable payments with American source, and c) type of share is selected in order to avoid that the rate is considered to be a reporting obligation account under this Act, or 5. an insurance contract with cash value or life income agreements signed or managed by a financial institution.
An account referred to in the first paragraph shall not, however, be deemed to be a financial account for the purposes of this Act if it is exempted from the reporting obligation, in accordance with the provisions of Chapter 3.
For the purposes of the first paragraph, an account set up with such central securities depository referred to in Chapter 1. paragraph 3 of the law (1998:1479) on securities depositories and account-keeping of financial instruments and belonging in another State within the European economic area other than Sweden, by a financial institution or a foreign financial institution's permanent establishment in Sweden, is considered to be of the Swedish financial institution or the foreign financial institution's permanent establishment in Sweden. The same applies to an account set up with such central securities depository from third countries as referred to in the Act.
Law (2016:66).
Subject to regular trade
section 12 With the subject of regular trade refers to trade in
a share on an ongoing basis have a scope that is not
insignificant.
For the purposes of paragraph 11 (3) and (4) to a percentage
of equity or debt in a financial institution, however,
not be considered as being subject to regular trade if the holder
the proportion of, apart from a financial institution, acting
acting as intermediaries, are registered as the holder of the share
in the financial institution's records.
Established securities market
section 13 With an established securities market, a trading post
which is officially recognised and supervised by a public
authority where the venue is located and which have a not
insignificant yearly value of the shares that are traded on
trading venue.
Resident in the United States
14 § domiciled in the United States referred to tax liability in the United States according to the
United States legislation, on the basis of domicile, residence, place
for management, company formation or other similar
circumstance. The term excludes liability in the United States
only on income from sources in the United States or only for income
that is attributable to a permanent establishment in the United States.
Cash value
section 15 With cash value "means the amount that is the greater of
1. the amount that an insured person has the right to have at
repurchase or termination of an insurance contract, without deduction
for fees for repurchase or pledge, or
2. the amount which the policyholder can borrow in accordance with
or by agreement.
The cash value will, however, do not include amounts paid in
According to an insurance contract and is
1. a personskade or illness benefit or other
insurance benefit is compensation for financial loss
incurred in connection with such an event as
the insurance is valid,
2. a refund to the policyholder the insurance premium,
excluding insurance charges, which in the past has been paid in
under an insurance contract that is not a
life insurance contracts, due to the fact that the agreement has been lifted or
redundant, risk is reduced during the term of the contract
or premium changed as a result of a correction of a
calculation error or other error, or
3. a refund to the policyholder on the basis of the
actuarial outcome for agreement or group in the
issue.
Account holder
16 § With account holder "means the person who has been registered
or identified as holders of a financial account.
On the financial account is an insurance contract with
cash value or a life income agreements, referred to with an account holder
any person who may be entitled to cash value or have
the right to change the beneficiaries of the agreement. If there is no
any person who may be entitled to cash value or have
the right to change the beneficiary, to any person in contract
be designated as the policyholder and any person with acquired
rights to payment in accordance with the agreement shall be deemed to have
account holder. When payments begin to be made from a
insurance policies with cash value or a life income agreements,
is considered to be any person who is entitled to the payment
account holder.
When a person who is not a financial institution or
is a financial institution established or registered in a
American territory managing a financial account of
as agents, guardians, Trustees, competent
signatories, investment advisers or intermediaries to
the benefit of another person or of another person's behalf, shall
the other person is considered to be the holder of the account. This
does not apply when a lawyer managing a financial
account on behalf of a client.
Related device
section 17 of the related-party device "means a device that controls the
other device, controlled by the other device or is
under common control with the other device. With control
here refers to the direct or indirect holding of more than 50 per cent
of the voting rights or the value of a unit.
Person with control
section 18 With person with control means a physical
person who exercises control over a device. In the case of
a trust will be stiftaren, the administrator, the protector,
the beneficiary or beneficiary circuit and each other
natural person exercising real control over the trust shall be deemed to
be persons with control. In the case of
a legal structure which is not a trust referred to persons
in the same or equivalent position that people with
control over a trust. The term should be interpreted in
accordance with the recommendations of the Working Group on
the financial action task force (FATF).
Reporting required financial institution
section 19 Of the reporting required financial institution means a
Swedish financial institution that is not exempt from
reporting obligations under Chapter 3.
It is the management company which manages a unit trust and
the Manager of the alternative investment fund managers
(Aifm) which manages a fund that is
reporting required financial institutions instead of
the unit trust/common fund or Rd, if it otherwise by
application of the first paragraph would have been
the unit trust/common fund or RD that is
reporting required financial institution. For the purposes
of 22 a Cape. paragraph 8 of the tax Procedure Act (2011:1244) to
the management company which manages a unit trust shall be deemed to be
debtor or guarantor for reporting notifiable accounts with
the unit trust/common fund, and aifm which manage one
Special Fund shall be deemed to be a debtor or guarantor for
the reporting of such accounts with Rd.
For the purposes of the first or second paragraph, a
foreign financial institutions ' fixed place of business in Sweden
is considered to be a financial institution. A Swedish
financial institution's permanent place of business in another State or
jurisdiction should not, however, be deemed to be a financial
institutions.
Reporting required financial institution in accordance with model 1
section 20 Of the reporting required financial institution within the meaning of
model 1 referred to a non-American financial institution with
respect of which a non-u.s. Government or a
bodies subordinate to such Government agrees to
collect and exchange information in accordance with a
intergovernmental agreement under model 1. A financial
institutions will be treated as a non-participating financial
institutions within such a model 1-agreement should not, however, be deemed to
be a reporting required financial institution within the meaning of
model 1.
With the intergovernmental agreement under model 1, an agreement
between the United States or the u.s. Treasury and a
non-u.s. Government or a body or bodies
child such Government made in order to
implementing FATCA by financial institutions report
information to such non-u.s. Government or agency
a child of such a Government, after which they reported
the data shall be subject to an automatic exchange of
the u.s. federal tax authorities.
Other definitions
section 21 of this Act, the term
u.s. person: a
1. u.s. citizen or another individual with
resident in the United States,
2. overseas delägarbeskattad legal person or a
joint-stock company, registered in the United States or in accordance with the American
Federal or state law, or
3. trust, if
(a)) a court in the United States has the power to decide or judge
substantially all matters relating to the administration,
and
b) one or more u.s. persons or an estate
After a deceased American individual is authorized to
make sure all important decisions in the trust,
u.s. territories: American Samoa, Commonwealth of the
The Northern Mariana Islands, Guam, the Commonwealth of Puerto Rico Territory or
United States Virgin Islands,
share in equity: in the case of a Swedish
partnership or an overseas delägarbeskattad legal
person who is a financial institution, a share in
trading company or the legal person's capital or in
its yield,
existing account: a financial account that was opened on 30
June 2014 or earlier,
competent intermediaries: a financial institution that has entered into
agreement with the u.s. federal tax authority that
Act as such authorized intermediaries known as Qualified
Intermediary,
subsidiary company: a subsidiary in accordance with the
importance in accordance with the Swedish companies Act (2005:551),
unit ' means a legal person or any other legal
construction such as a trust,
FATCA: section 1471 – 1474 in Chapter 4 of the United States's Internal Revenue
Code of 1986 and U.S. Treasury Regulations section
1471 – 1474 in United States's Internal Revenue Code,
insurance contracts: a different agreement than a life income agreements
means that the issuer undertakes to pay an amount
on one or more occasions as a result of a specific
uncertain event associated with death, illness, accident,
claims for damages or property damage,
insurance contracts with the cash value of an insurance agreement
have a cash value in excess of 50,000 dollars and that
is not a liability reinsurance agreement between two
insurance companies,
non FATCA participation financial institution: a financial
institutions identified as such under Chapter 6. 8
§,
withholding tax containing device: a financial institution
who has entered into an agreement with the u.s. Federal
the tax authority to act as the withholding tax withholding in
overseas delägarbeskattad legal person or
withholding tax containing trust,
source taxable payment with American source: payment
of interest, dividends, rent, salary, fee, premium, annuity,
consideration, compensation and other fixed or determinable
annual or periodic income, profit and income, if
the payment stems from a source in the United States,
life income agreement ' means an agreement
(a)) under which authority undertakes to make
payments for a certain period of time which is wholly or partly
is determined taking into account the life expectancy of a
or more persons, or
(b)) which is regarded as life income agreements in accordance with the State
or jurisdictional laws, regulations or practice
where the agreement was concluded and in accordance with the authority
undertake to make payments over a certain number of
years,
new account: a financial account opened on 1 July 2014
or later,
partner jurisdiction: any State or jurisdiction in which
United States has an existing contract in order to facilitate the implementation
by FATCA,
passive non-financial entity "means an entity that is not a
financial institution or an active non-financial entity,
reporting obligation account: a financial account
identified as such under the provisions of 4 – 8
Chapter, if it is not held exclusively by one or more
people who are exempt under the actual holder 3
Chapter,
detailed u.s. person: an American person who does not
is excluded from the concept of detailed u.s. person
According to article 1 (1) et seq. of the FATCA agreement in the original
the wording.
The meaning of certain terms and expressions
section 22 of the terms and expressions used in this law have the same
meaning as in the income tax Act (1999:1229), unless
otherwise specified.
3 Cape. Exempted financial institutions, actual holders
and accounts
Exceptions to reporting requirements and
reporting duty
paragraph 1 of the following entities are exempt actual holders and,
If they are financial institutions, excluded from
reporting requirements:
1. Sveriges riksbank,
2. authority units,
3. international organizations,
4. wide pension funds,
5. retirement benefit plans under the Act (1967:531) on ensuring
pension commitment, etc., and
6. investment units owned entirely by exempt actual
holders.
Entities referred to in the first subparagraph 1 to 3 should not be
exempt actual holders or excluded from
reporting obligations in so far as their activities are such
commercial activity normally pursued by such
financial institutions listed in Chapter 2. 7, 8 or 10 §.
section 2 of the following financial institutions are exempt from
reporting requirements:
1. financial institutions with local customer base,
2. local banks,
3. financial institutions with only low value accounts,
4. qualified issuers of credit cards,
5. profit share-foundations,
6. sponsoring investment units,
7. sponsoring controlled companies,
8. sponsoring investment company limited
ownerships,
9. investment advisors, and
10. Investment Manager.
paragraph 3 of the following accounts are exempt from reporting:
1. pension insurance which meets the requirements of
the income tax Act (1999:1229) and subscribed and administered
in Sweden, about premier paid by an employer for the benefit
for an employee who performs services in Sweden,
2. certain temporary assurance,
3. account held by the estate,
4. escrow account,
5. partner account of jurisdiction, and
6. qualified credit card account.
Definitions and explanations
4 section with government unit refers to the State of Sweden, Swedish
Parliament, the Swedish Government, the Swedish county councils, Swedish
municipalities and to any of these related bodies, work,
integrated parts or controlled devices.
With integral part "means a person, organisation, management,
work, Fund, institution or other body, regardless of
composition, which is a Swedish Government agency. This applies to
only if the Authority's net income unless credited
authority on its own account or another Swedish account held
of a Government entity and no part of the net income
distributed for the benefit of any private individual. The concept of
integral part excludes natural person who is the head of State
or officer or program officer in public administration
and acting in private or private purposes.
With controlled entity means entity as to its form is separated
from Swedish State or otherwise constitutes a separate
legal entity and
1. that is wholly owned and controlled by one or more
Swedish authority units, either directly or through one or
several controlled devices,
2. the net proceeds unless credited the unit's own account or
accounts with one or more Swedish authority units, and
No part of the unit's revenue is allocated to the benefit of
any private person, and
3. whose assets become the property of one or more Swedish
authority units by dissolution.
Income is not considered to be distributed to the benefit of private persons
If these people are the intended beneficiaries of a
public programs, and the activities of the programme carried out
for the benefit of the public and for the public good or
related to administration in any phase of the exercise of public authority.
paragraph 5 of the international organization "means an intergovernmental
or supranational organization
1. formed pursuant to an agreement between the
mainly other States or jurisdictions than the United States,
2. who has an existing agreement on privileges and
privileges with Sweden, and
3. whose income does not benefit individuals.
With international organization means also an institution
or an entity owned entirely by an international
organization referred to in the first subparagraph.
section 6 With wide pension fund is a fund established in
Sweden to provide old-age pension or compensation
at the abled or death to beneficiaries
who are or have previously been employed, or to
beneficiaries specified by such employees, with one or
several employers on the basis of services rendered, if
Fund
1. does not have an individual beneficiary who is entitled to more
than five per cent of the assets of the Fund,
2. regulated by the public authority and will report in
data on their beneficiaries to the Revenue Commissioners, and
3. meet at least one of the following requirements:
(a)) it is generally exempt from taxation in Sweden by
investment income under Swedish legislation due
the Fund's status as a pension scheme or arrangement for other
pension benefits.
b) at least 50% of the deposits to the Fund, except for
from transfers of assets from other exempt
pension funds or from the pension insurance
referred to in section 3, paragraph 1, by the responsible funding agency employer.
c) Payments or withdrawals from the Fund which are not linked
with costs, except for transfers of assets to
other exempted pension funds or to such
pension insurance referred to in section 3, paragraph 1, be granted only in
specified events associated with retirement, reduced
working capacity or death.
d) provisions, with the exception of permitted
compensatory payments, which workers make to the Fund
be limited in view of the employee's earned income
or may not exceed 50 000 US-dollars per year.
7 § investment entity owned entirely by exempt actual
holder, a device that is a financial institution
only because it is such an entity as referred to in 2
Cape. section 9, if
1. any direct owner of share in equity in the unit is a
exception actual holders, and
2. any direct creditors in respect of liabilities in the device is
such a financial institution described in Chapter 2. section 8 or
an excluded de facto owners.
section 8 With financial institutions with local customer base within the meaning
a financial institution that meets the following requirements:
1. It has
(a)) State of the Swedish financial supervisory authority to operate
or managed by someone who has such a condition,
b) derogation from the permit requirement referred to in Chapter 2. paragraph 3 of the
Act (2010:751) on payment services, or
c) registered with the FSA under the law
(2004:299) of deposit operations.
2. It does not have a permanent establishment outside Sweden.
3. The markets itself not to clients or account holders
outside Sweden.
4. At least 98 per cent of the value of the financial accounts
sales of the Institute will be held by residents
Sweden or another Member State of the European Union.
5. It had no later than 1 July 2014 introduced guidelines and
procedures to
a) prevent financial accounts to
a non FATCA participating financial institution, and
b) check if it opens or holds a financial
account for a detailed American person who does not have its
resident in Sweden or for a passive non-financial entity
that people with dominant influence is a national or
is habitually resident in the United States and at the same time not domiciled in Sweden.
6. The guidelines and procedures laid down in 5 specifies that
If it is determined that such a financial account is held
of a detailed u.s. person who does not have his legal residence
in Sweden or by a passive non-financial entity whose
people with dominant influence is a citizen or has
resident in the United States and at the same time not domiciled in Sweden, the
the financial institution to report such a financial
account as if the financial institution were a
reporting required Swedish financial institution and
Register in accordance with Chapter 8. 2 § or close it
financial account.
7. The review existing account (s) held by a natural
person not domiciled in Sweden or of a device,
in accordance with the procedures in Chapter 4 to 8. applicable to
existing accounts to identify any u.s.
the reporting of such accounts or financial accounts
sales of a non-financial institution, FATCA participation and
report such a financial account if the financial
the Institute would be a reporting duty Swedish financial
institutions, or close the financial account.
8. Each such to the financial institution related
device that is a financial institution should be established
or registered in Sweden and comply with the requirements of this
paragraph, except in the case of related entities
retirement benefit plans.
9. It does not have policies or procedures
discriminate against financial accounts opened or sales
for natural persons specified American
persons domiciled in Sweden.
For the purposes of the first paragraph 2 provided with fixed
place of business is not such a place that is not marketed to
the general public and from which the financial institution only
conducts administrative support functions.
For the purposes of the first subparagraph 3 should a financial
institutions are not considered market themselves to clients or
account holder outside Sweden, only due to the
financial institution
1. have a site, if the site does not specifically
provides that the financial institution provides
financial accounts or services to customers who do not have
resident in Sweden and the financial institution is not on
otherwise focuses on or marketing themselves to
American clients or account holders, or
2. advertising in the print media or via radio or
tv channel distributed or broadcast mainly in the
Sweden but that any distributed or broadcast even
in other countries, if the marketing does not specifically
provides that the financial institution provides
financial accounts or services to customers who do not have
resident in Sweden and the financial institution is not on
otherwise focuses on or marketing themselves to
American clients or account holders.
section 9 With local bank means a financial institution that
meet the following requirements:
1. It is authorized to carry on banking or
finance law and carries out exclusively such
activity.
2. Its business mainly consists in accepting
deposits from and lending to unrelated
private customers.
3. It satisfies the requirements of section 8, first paragraph 2 and 3 and
the second and third paragraphs, and it is not possible to open
a financial account via the website.
4. Its assets does not exceed 175 million dollars in
the balance sheet and the financial institution and any
related entities together have not more than 500 million
Us dollar in assets overall, in its consolidated or
combined balance sheet.
5. all related entities are established or
registered in Sweden and all the other related
financial institutions than pension funds and financial
institutions with only low value accounts comply with the requirements of this
paragraph.
10 § With financial institution with only low value accounts referred to
a financial institution that meets the following
requirements:
1. It's not such a financial institution referred to in 2
Cape. section 9.
2. None of the financial accounts of the financial
institution or any related entity have a balance or
value that exceeds 50 000 USD.
3. Its assets does not exceed US $ 50 million in
the balance sheet and the financial institution and any
related entities together have not more than 50 million
Us dollar in assets overall, in its consolidated or
combined balance sheet.
11 § With qualified credit card issuers referred to a
Swedish financial institution that meets the following requirements:
1. It is a financial institution only because it is
issuing credit cards in which deposits are accepted only when a
the customer makes a payment in excess of the outstanding balance
with respect to the card and the excess amount not
immediately refunded to the customer.
2. From 1 July 2014 has introduced guidelines and
procedures to either prevent customer deposits
more than 50 000 US dollars or ensure that
customer deposits in excess of 50,000 US dollars will be refunded
to the customer within 60 days.
For the purposes of the first subparagraph 2, the customer deposit
concerning credit balance resulting from the contested
charges are not covered. Customer deposit related
credit balance arising from returned goods shall
covered.
12 § With sponsoring investment unit "means a device
as
1. is a financial institution as described in Chapter 2. section 9,
2. established in Sweden and is not an authorized intermediary
or a withholding tax containing device, and
3. another device has entered into an agreement with that
Act as a uppdragstagande unit for the financial
Institute.
With sponsoring controlled company provided a financial
institutions
1. established in accordance with Swedish law and is not
a competent broker or a withholding tax containing device,
2. wholly-owned, directly or indirectly, by a
reporting required American financial institutions
agrees to act as a uppdragstagande unit for the
sponsoring controlled company or instructs a
associated companies to act as a uppdragstagande unit for the
sponsoring controlled the company, and
3. have a common electronic account system with the
uppdragstagande device that allows the uppdragstagande
the device can identify the financial institution's all
account holders and beneficiaries and have access to all
account and customer data that the financial institution has
registered, including customer identification data,
customer records, account balances and all payments
been made to the account holder or beneficiary.
For the purposes of applying the first and second subparagraphs referred to with the
uppdragstagande device a device that
1. have access to the financial institution's behalf
take measures so that the requirements for registration on the
u.s. federal tax authority's website
Fatca registration requirements;
2. has registered as uppdragstagande unit of the
u.s. federal tax on its website
FATCA-registration,
3. when it identifies a reporting obligation
account with the financial institution, enter the
financial institution as a financial institution that
deemed to comply with the FATCA rules of the u.s. Federal
the tax authorities not later than 31 december 2015 at the latest 90
days after such American reporting obligation
account first identified,
4. agree on the financial institution's behalf
meet all requirements with regard to customer due diligence measures,
suspension of tax reporting and other things like it
financial institution would be required to satisfy if it
would be a reporting required financial institution,
5. identifies the financial institution and specify the
financial institution's identification number in connection with
all reporting is done on the financial institution's
behalf, and
6. has not been given the status of uppdragstagande unit
repealed.
section 13 With sponsoring investment company limited
owner circle means a financial institution that
meet the following requirements:
1. It is a financial institution only because it is
is such an entity as described in Chapter 2. 9 § and is not a
competent intermediaries or a withholding tax containing device.
2. The uppdragstagande device is a
a) reporting required American financial institution,
b) reporting required financial institution according to model
1, or
c) participating financial institution.
3. The uppdragstagande the unit is authorized to act on
the financial institution's behalf.
4. The uppdragstagande the device agrees to the
financial institution's behalf comply with all requirements
apply customer due diligence measures, suspension of tax,
reporting and other things that the financial institution would
have been ordered to comply with a reporting obligation
Swedish financial institution.
5. The financial institution claims not to be a
investment unit for non-related parties.
6. no more than 20 individuals owns all shares in debt
and equity of the financial institution where the following
shares shall not be taken into account:
a) interests in equity or debt owned by participating
financial institutions and financial institutions that are deemed
follow the FATCA rules, and
(b)) share of equity owned by a unit of the device
owns all shares in equity and is itself a
sponsoring investment company with limited circuit of ownership with
the application of this section.
7. The uppdragstagande device
(a)) have registered as uppdragstagande unit of the
u.s. federal tax on the
FATCA-registration,
(b)) agree that on behalf of the financial institution
meet all requirements with regard to customer due diligence measures,
suspension of tax reporting and other things like it
financial institution would have been required to comply with
If it were a reporting duty Swedish financial
institutions, and for six years saves documentation obtained with
regard to the financial institution,
c) identifies the financial institution in connection with any
reporting is done on behalf of the financial institution,
and
(d)) has not been given the status of uppdragstagande unit
repealed.
section 14 With investment advisers referred to one in Sweden established
financial institution as described in Chapter 2. section 9, and that is a
financial institution only because it offers
investment advice to customers and acting on behalf of such customer's
count.
section 15 With responsible investment means a in Sweden established
financial institution as described in Chapter 2. section 9, and that is a
financial institution solely because it handles
portfolios for customer and act on such customer's behalf with a view
to invest, administer or manage funds in
the customer's name will be deposited in a financial institution that is not
is a non FATCA participation financial institution.
16 section with some temporary assurance means a
death insurance contracts, if
1. insurance the time expires before the insured person has reached the age of 90
years,
2. premiums paid at least once a year by an amount
does not decrease over time in the period up to the first of
the following events:
(a)) contract ends, or
(b)) the insured person reaches the age of 90 years,
3. the agreement does not have any contractual value as a person can get
access to through withdrawals, loans or otherwise without
the agreement is terminated,
4. other than death benefits to be paid out at
cancellation of the contract or the outlet does not exceed the
total premiums paid during the term of this agreement declined
with death, sickness and loss compensation, regardless of
If any actually incurred or not, for the
periods that termination and reduced by any amount
paid before the contract is cancelled or terminated,
and
5. the agreement is not held by the person who acquired the contract
in the value creation objective.
17 §/expires U: 2016-01-01-with the account held by the estate refers to an account in
Sweden held exclusively by an estate, if a copy of the
the deceased's will or death certificate is included in the
documentation for the account.
17 §/comes into force: 2016-01-01-with the account held by the estate refers to an account in Sweden held exclusively by an estate, if a copy of the deceased's will or death certificate is listed in the documentation for the account, or if the indication of the death has been obtained from the State's address register. Law (2015:920).
section 18 With blocked account "means an account that has been created in the context
with
1. court order or judgment,
2. the sale, Exchange or lease of immovable or movable
property, if
(a)) is the exclusion of account deposit funds,
down payment, deposit as security for the performance of
direct link to the entry or similar payment
or financial assets deposited on the account in
connection with the sale, Exchange or lease of the property,
b) account has been opened and used exclusively to
ensure that
– the buyer meets its obligations with regard to
pay the purchase price for the property,
– the seller fulfils its obligations with regard to stand
for any responsibilities, or
– the lessor or the lessee to comply with the applicable requirements
When it comes to paying any compensation for damage to
the leased property in accordance with what was agreed in
the rental agreement,
(c)) the assets in the account, including the income they
generates, will be paid or otherwise distributed
for the benefit of the buyer, the seller or lessor or for
that any of these should be able to meet its obligations, when
the property is sold, changed or transferred or when contract ends
to apply,
(d)) the account is not a margin account or similar account
opened when a financial asset is sold or
are changed, and
e) account is not linked to a credit card account,
3. the obligation of a financial institution that offers a
loans with real estate as collateral to put a part of
payment exclusively with a view to facilitating that taxes
or insurance charges relating to the immovable property can
be paid at a later date, or
4. the obligation of a financial institution to facilitate the
taxes can be paid at a later date.
section 19 With partner jurisdictional account means an account maintained in
Sweden and which do not fall within the definition of a
financial account in accordance with an agreement between the United States and
other partner jurisdiction to facilitate the implementation of
FATCA, if account is subject to the same requirements and supervision under
such other partner jurisdictional legislation if the account
had been established in the partner jurisdiction and taken by a
financial institution in the partner jurisdiction.
20 section With qualified credit card account "means an account that is
linked to a credit card, if the
1. deposits on account only accepted if account holder
make a payment in excess of the outstanding balance with
respect to the card and the excess amount not
immediately refunded to the customer, and
2. credit card authority from 1 July 2014 has
put in place policies and procedures to either prevent
customer deposits in excess of 50 000 US dollars or
ensures that customer deposits exceeding 50 000
Us dollar shall be refunded to the customer within 60 days.
For the purposes of the first subparagraph 2, the customer deposit
concerning credit balance resulting from the contested
charges are not covered. Customer deposit related
credit balance arising from returned goods shall
covered.
4 Cape. Review of existing financial accounts
held by natural persons
Accounts whose total balance or value is 1 000
000 US dollars or less (low-value accounts)
1 § with regard to existing accounts whose balance or value
amounted to SEK 1 0000 0000 US dollars or less as of June 30,
in 2014, will be a reporting required financial institution
review the information available in its electronic searchable
databases. Subject to paragraph 5 of the is such an account
a reporting obligation account if, during the examination
comes to light
1. that the account holder is domiciled or is a citizen of the United States,
2. data which undoubtedly indicates that the account holder
was born in the United States,
3. that the account holder has a current record or residential address
in the United States,
4. that the account holder has a current American
phone numbers,
5. that there is a standing instruction to transfer funds
from the account to an account in the United States,
6. that there is a valid power of attorney or the signature right
for a person who has an address in the United States with respect to the account,
or
7. that the only address the financial institution
have registered for the account holder is a c/o or poste
restante-address in the United States.
A reporting required financial institution will have
processes and procedures in place to detect if and when such
circumstances referred to in the first subparagraph shall apply in the
electronically searchable databases. If such circumstances
apply with respect to an account after the examination
referred to in the first subparagraph have been completed, to account for other
the provisions of paragraph 5 of the is considered a reporting obligation account
from the calendar year in which this occurs.
A reporting obligation account in accordance with the provisions of
the first or second subparagraph, and paragraph 5 of the to be considered such a
until the account holder or account holders are not
longer targeted u.s. persons.
section 2 of the review referred to in section 1 does not need to include
1. accounts whose balance or value amounted to 50 000
Us dollars or less as of June 30, 2014,
2. insurance policies with cash value or life income agreements
(a)) if its balance or value amounted to US $ 250 000
or less as of June 30, 2014, or
b) if there are legal obstacles to such agreements are sold to
people who live in the United States, or
3. deposit accounts as described in Chapter 2. 11 paragraph 1
and whose balance or value amounts to USD 50,000 or
less.
An account referred to in the first subparagraph 1 and 2 (a) shall be
under the gaze of 3 to 6 and 8 sections if its balance or value
more than 1 0000 0000 US dollars by the end of 2015, or a
later calendar years.
Accounts for the purposes of applying the first and second subparagraphs
not subject to review, shall not be deemed to be
the reporting of such accounts. If such an account yet
reviewed in accordance with section 1 and then identified as
the reporting obligation, the reporting obligation
financial institution to choose if it wants to treat the account as
the reporting obligation or not.
Accounts whose total balance or value is greater than
1 0000 0000 US-dollars (high value accounts)
section 3 also with regard to existing accounts whose balance or
value amounted to more than USD 1 0000 0000 on June 30
by the end of 2014 or 2015 or later calendar year;
will a reporting required financial institution conducting
review under paragraph 1(1) and section 2.
For the purposes of paragraph 1 in respect of an account that
balance or value amounted to more than 1 0000 0000 US dollars the
30 June 2014, the account, subject to section 5, shall be deemed to
be reporting obligation if it is found that the only
address to which the financial institution has registered for
the account holder is a c/o or poste restante address.
section 4 Of the reporting required financial institution's
electronically searchable databases typically are not
sufficient to assess whether such circumstances as
set out in paragraph 1(1) 1 and 3 to 7 are present, such
tasks also search in the main customer database, when
it comes to accounts whose balance or value
amounted to more than USD 1 0000 0000 30 June 2014
or at the end of 2015 or later calendar years.
If such information is not in the current
the main customer table, should also look for among
the following documents related to the account that the
reporting required financial institution has obtained
over the past five years and that are not electronically
searchable:
1. the last sought documentary evidence referred to in 8
Cape. section 6 in respect of the account,
2. the last agreement or the latest by other
documentation relating to the opening of the account,
3. the latest documentation obtained pursuant to
law (2009:62) on measures against money laundering and the financing
of terrorism or to comply with other legislation,
4. the applicable authorizations or documents relating to the
signing right, and
5. the existing standing instructions to transfer funds.
The review referred to in the first and second paragraphs just need
be done once for each account.
5 § if any circumstances referred to in paragraph 1(1)
have emerged at the review referred to in 1 to 4 sections, to an account
though considered a reporting obligation account only if
1. the fact that light is an indication that
undoubtedly indicate that the account holder was born in the United States and the
reporting required financial institution does not have
access to and not within 90 days of that fact
It emerged may obtain
(a)) a certification from the account holder if he or she does not
is a citizen or resident of the United States,
b) documentation on a passport that is not American or a
other identification document issued by a competent authority,
that shows the account holder's citizenship or nationality in
a country other than the United States, and
c) a copy of the account holder's certificate stating that the person has ceased
to be an American citizen,
2. the fact that emerged is a valid postal or
residential address in the United States or American
phone number is the only phone number associated
to the account and the reporting required financial
the Institute does not have access to and are not within 90 days of
that fact was revealed may obtain
(a)) a certification from the account holder if he or she does not
is a citizen or resident of the United States, and
b) documentary evidence that indicates the account holder's
non-American status,
3. the fact that emerged is a standing instruction
to transfer funds to an account in the United States and the
reporting required financial institution does not have
access to and not within 90 days of that fact
It emerged may obtain
(a)) a certification from the account holder if he or she does not
is a citizen or resident of the United States, or
b) documentary evidence that indicates the account holder's
non-American status, or
4. the fact that emerged is that there is a valid
power of attorney or signing rights for a person who has a
address in the United States, that the account holder has a c/o or poste
restante-address as the only address established for
the account holder or the account holder has one or more
u.s. phone number while there is one or
several other telephone numbers associated with the account, and the
reporting required financial institution does not have
access to and not within 90 days of that fact
It emerged may obtain
(a)) a certification from the account holder if he or she does not
is a citizen or resident of the United States, or
b) documentary evidence that indicates the account holder's
non-American status.
For the purposes of the first paragraph is an account nor
a reporting obligation account if the reporting obligation
financial institution, instead of the certificate as
referred to in the first subparagraph 1 (c), have access to or collect
a reasonable explanation of why the account holder has not
such a certificate even though he or she ceased to be
u.s. citizen or why he or she did not become
an American citizen at birth.
6 Notwithstanding section 3 – 5 sections to an account whose balance
or value amounted to more than 1 0000 0000 US dollars 30
June 2014 or by the end of 2015 or later
calendar year shall be considered to be a reporting obligation account if the
There is an official who has special responsibility for contacts
with the account holder and the civil servant has or is informed
that the account holder is a detailed u.s. person.
section 7 If an account after the audit according to the 3-6 sections have
carried out will be a reporting obligation under the same account
provisions, it is to be considered as such from the
calendar year in which this occurs.
section 8 a reporting required financial institution that
earlier, in accordance with an agreement between the financial
the Institute and the American federal tax authority for
the Institute's status as a qualified intermediary or
withholding tax containing unit, has received documentation from the
an account holder for the purpose of determining if the account holder is a national
or is habitually resident in the United States or not, may rely on the
documentation and is not obliged to apply the 1 to 5 sections with
respect to the account (s) held by the account holder.
9 § a reporting obligation account is deemed to be such a
until the account holder or account holders are not
longer targeted u.s. persons.
Chapter 5. Review of new financial accounts held by
natural persons
§ 1 when an individual opens a new account
of a reporting required financial institution should
device seek a declaration from the individual in question where
He or she can provide the facts needed to
determine if he or she is domiciled in the United States.
If the certification indicates that the individual in question has
resident in the United States, to the reporting required financial
the Institute seek a declaration from the individual in question
that includes his or her u.s.
the tax registration number, if this is not specified in the
certification obtained in accordance with the first subparagraph.
section 2 Of the reporting required financial institution has
or get access to more information involving
There is reason to believe that a declaration from
the account holder obtained are not reliable, to
the drive to obtain a new certification from him or her and
assess its reliability.
section 3 of an account is an account if a reporting requirement
attestation required under section 1, 2 or 5 do not enter
or showing that the account holder is domiciled in the United States.
An account is also a reporting obligation account if a
new certification as the financial institution requested
According to section 2 of the do not enter within 90 days of such a request
or is not reliable.
section 4 If an account becomes the reporting obligation after a
certification obtained in accordance with paragraph 1, shall
the reporting required financial institution obtain a
certification of the account holder that contains his or her
u.s. tax exempt number.
section 5 of the review referred to in §§ 1 to 3 need not apply
1. deposit accounts as described in Chapter 2. 11 paragraph 1
and whose balance is 50 000 US dollars or less,
or
2. insurance contracts whose cash value amounts to 50 000
Us dollars or less.
Accounts for the purposes of the first subparagraph is not covered
of review, should not be considered liable of reporting
accounts. If such an account has been reviewed pursuant to sections 1 – 3
and then identified as the reporting obligation, the
reporting required financial institution have the option
would treat the account as the reporting obligation or not.
If an account is such that in accordance with the second subparagraph
not treated as a reporting obligation account, but whose
balance or value at the end of a calendar year amounts to
more than 50,000 u.s. dollars, to the reporting obligation
financial institution within 90 days from the end of the
the calendar year to obtain such a declaration referred to in article 1 and
then apply 2-4 sections of the account. If such a declaration is to
do not enter, to the reporting required financial
Institute treat the account as a reporting obligation
account from the calendar year in which the certification would have
come in.
New accounts that may be examined as if they are existing accounts
section 6 of The reporting required financial institution may
apply the provisions of Chapter 4. When reviewing a new
account held by a natural person in the place of
the provisions of this chapter, if the account holder of the
reporting required financial institution or of a
to this related entity also has one or more
existing accounts.
If a reporting required financial institution in accordance
with the first subparagraph applies the provisions of Chapter 4. at
review of a new account and one of the accounts referred to
in the first paragraph is a reporting obligation account, to
all such accounts referred to in the first subparagraph shall be deemed to be
reporting requirements.
Statements and other documentation that the
reporting required financial institution acquires or
have access to according to Chapter 4. 4 or 9 § with regard to
such an account referred to in the first subparagraph, may be used in
review of all such accounts as referred to in the first
paragraph.
Chapter 6. Review of existing financial accounts
held by units and provision of information on
payments to non-participating FATCA financial institutions
The reporting of such accounts
1 § an existing account is a reporting obligation account
If it is held by one or more devices that are specified
American people. An existing account is also a
reporting obligation account if it is held by one or more
other devices are passive non-financial entities and
over which one or more natural persons who are nationals
or is habitually resident in the United States has controlling interest.
Procedure for identifying reporting requirements
accounts
section 2 in order to determine whether an entity is a detailed
u.s. person, to the reporting required financial
Institute review the information gathered to
be able to liaise with the account holder or the
because of the provisions of the law (2009:62) on measures against
money laundering and the financing of terrorism or in other
Constitution. If there is reason to believe that the account holder is
a u.s. person, it is advisable that the account holder is considered to be a
detailed u.s. person if the reporting obligation
financial institution not
1. obtain a certification from the account holder to
the account holder is not a detailed u.s. person,
or
2. on the basis of other information that it
reporting required financial institution has access
or information that is publicly available,
determine that the account holder is not a detailed
u.s. person.
section 3 to determine if an entity that is not an American
person is a financial institution, it will
reporting required financial institution review the
information collected in order to be able to maintain
contacts with the account holder or as a result of provisions in the
law (2009:62) on measures against money laundering and the financing
of terrorism or in regulation. If there is any reason to
assume that the account holder is a financial institution, or if
account holder identification number that international
intermediaries in the u.s. Federal
the tax authority's list of non-u.s. financial
institutions, it is advisable that the account holder shall be deemed to be a financial
institutions.
To determine whether an entity is a passive non-financial
device, to the reporting required financial institution
obtain a certification from the account holder. Such
Declaration need not be obtained if it based on the
information which the reporting required financial
the Institute has access to, or information that is generally
available to the account holder is an active
non-financial entity.
4 section to determine which persons are persons with
controlling interest in an entity, the
reporting required financial institution relying on
the information gathered on the basis of the provisions of
law (2009:62) on measures against money laundering and the financing
of terrorism. To determine whether a person with determination
influence of nationality or domiciled in the United States, to the
reporting required financial institution
1. in the case of accounts whose balance or value is 1
0000 0000 US dollars or less, review the information
obtained as a result of provisions of the law on measures against
money laundering and terrorist financing, and
2. in the case of other accounts than referred to in 1, to obtain a
certification of the account holder or persons with determination
influence.
5 §/expires U: 2016-01-01/about the reporting required financial institution after
to the review referred to in 1 to 4 sections have been carried out have access
For more information as a result of the
to believe that a certification or other documentation with
in respect of the account is incorrect or not reliable, to
the device implementation of the audit referred to in 1 to 4 sections. Account
is the reporting obligation if it then still
reason to believe that certification or other documentation is
inaccurate or unreliable, or if a declaration as to
gathered at the new review will not enter within 90
days from the time it is requested.
5 §/comes into force: 2016-01-01/about the reporting required financial institution after the examination referred to in 1 to 4 sections have been implemented will have access to additional information in which there is reason to believe that a certification or other documentation in respect of the account is incorrect or not reliable, to Institute the new implementation of the audit referred to in 1 to 4 sections.
The account is the reporting obligation on it then there is still reason to believe that certification or other documentation is inaccurate or unreliable, or if a declaration made to be collected at the new review will not enter within 90 days from the time it is requested. Law (2015:920).
Accounts that do not need to be reviewed
section 6 of the review referred to in 1 to 4 sections need not include accounts
whose balances or values amounted to 250 000 US dollars or
less 30 June 2014.
Accounts for the purposes of the first subparagraph is not covered
of review, should not be considered liable of reporting
accounts. If such an account has been reviewed according to 1 – 4 sections
and then identified as the reporting obligation, the
reporting required financial institution have the option
would treat the account as the reporting obligation or not.
If the balance or the value of an account referred to in the first
paragraph amounts to more than USD 1 0000 0000 at the end
by 2015, or at the end of a subsequent calendar year, the
However, under the gaze of 1 – 4 sections within six months from the end of
that calendar year and treated as a reporting obligation
account if it is identified as such.
Identification of non-participating financial institutions FATCA
and the provision of information on payments to
such
section 7 of The reporting required financial institution that
pay or convey a withholding tax liability payment with
American source to a non-participating FATCA financial
institutions, should provide the direct payer of
income information necessary to withhold to
be taken out and reporting to take place regarding
the payment.
The first paragraph does not apply to a reporting obligation
financial institutions entered into an agreement with the u.s.
Federal tax authorities to act as a competent
intermediaries or withholding tax containing abroad
delägarbeskattad legal person and which, in accordance with
the agreement has chosen to include tax.
section 8 a Swedish financial institution or an institution
is a resident of another jurisdiction's partner is a non
Fatca participating financial institution only if it is considered that
such by the American federal tax authorities in
According to the agreement with the United States in order to facilitate the
implementation of FATCA.
A financial institution shall be deemed to be a
financial institution or a financial institution which has
in another partner jurisdiction if indicated on the
the u.s. federal tax authority's list of
non-u.s. financial institutions or by other
information that is publicly available, or that the
reporting required financial institution has access
to.
A financial institution that is not a Swedish or
American financial institution or a financial
institutions based in another partner's jurisdiction,
shall be deemed to be a non FATCA participation financial institution
If the reporting required financial institution not
1. obtain a certification from the other financial
the Institute that is a financial institution deemed to
follow the FATCA rules or an excluded actual holders in
accordance with relevant u.s. regulations, or
2. in the case of a participating financial institution
or a registered financial institution deemed to follow
FATCA rules, controls the other financial
the institution's identifying number that international
intermediaries on u.s. federal tax list
non-us financial institutions.
Chapter 7. Review of new financial accounts held by
units
The reporting of such accounts
1 § a new account is a reporting obligation account if the
held by one or more devices that are specified
American people. An account is also a
reporting obligation account if it is held by one or more
other devices are passive non-financial entities and
over which one or more natural persons who are nationals
or is habitually resident in the United States has controlling interest. A new
account is also reporting obligation if such a declaration is to
from the account holder or persons with control
as required by section 3 or 4 do not enter.
A new account is not a reporting obligation account
If
1. the account holder is a participating financial institution,
2. the reporting required financial institution collects
a declaration from the account holder if it is a financial
institutions that are deemed to comply with the FATCA rules or exceptions
actual holder in accordance with the relevant u. s.
regulations, or
3. If the account holder is a participating financial institution
or a registered financial institution deemed to follow
FATCA rules, the reporting required financial
the Institute checks the account holder's identification number
as an international mediator on u.s. Federal
the tax authority's list of non-u.s. financial
institutions.
Procedure for identifying reporting requirements
accounts
section 2 of an account holder is deemed to be an active
non-financial entity, a financial institution or
a financial institution domiciled in another
partner jurisdiction if this can be determined from
1. that the account holder's identifying number that international
intermediaries is on the u.s. Federal
the tax authority's list of non-u.s. financial
institutions, or
2. any other information that is publicly available or
the reporting required financial institution has access
to.
section 3 to determine which persons are persons with
controlling interest in an entity, the
reporting required financial institution relying on
the information gathered on the basis of the provisions of
law (2009:62) on measures against money laundering and the financing
of terrorism.
To determine whether a person with a controlling interest is
citizens or are domiciled in the United States, to the
reporting required financial institution in connection with
to obtain an account opened a certification from the account holder
or from persons with a controlling interest.
If the certification indicates that one or more people with
control is a citizen or resident of the United States,
to the reporting required financial institution obtain
a declaration made by the account holder or persons with
control containing his or their
tax registration number, if these are not specified in the
certification obtained in accordance with the second subparagraph.
4 section in all cases other than those referred to in section 2 and paragraph 3 of the first
paragraph, the reporting required financial institution
obtain a certification from the account holder to determine whether
the circumstances that are relevant for the application of 1
§ There is.
If the certification shows that the account holder is a
detailed u.s. person, should the reporting obligation
financial institution to obtain a certification from
the account holder that contains his u.s.
tax exempt number.
Accounts that do not need to be reviewed
section 5 of the review referred to in 1 to 4 sections need not apply
credit card accounts or rolling credits, if it
reporting required financial institution has in place
policies and procedures to prevent a
account holder has a credit balance of more than 50
000 US dollars to the account.
Accounts for the purposes of the first subparagraph is not covered
of review, should not be considered liable of reporting
accounts. If such an account has been reviewed according to 1 – 4 sections
and then identified as the reporting obligation, the
reporting required financial institution have the option
would treat the account as the reporting obligation or not.
New accounts that may be examined as if they are existing accounts
section 6 of The reporting required financial institution may
apply the provisions of Chapter 6. When reviewing a new
account held by an entity, rather than the provisions of
This chapter, if the account holder of the reporting obligation
financial institution or to this related
Unit also has one or more existing accounts.
If a reporting required financial institution in accordance
with the first subparagraph applies the provisions of Chapter 6. at
review of a new account and one of the accounts referred to
in the first paragraph is a reporting obligation account, to
all such accounts referred to in the first subparagraph shall be deemed to be
reporting requirements.
Statements and other documentation that the
reporting required financial institution acquires or
have access to according to Chapter 6. 2 – 5 sections with respect to a
such account referred to in the first subparagraph, may be used in
review of all such accounts as referred to in the first
paragraph.
section 7 of The reporting required financial institution may, in
rather than the provisions of 1 to 4 sections, apply the provisions
in Chapter 6. 1 to 5 sections when reviewing a new account held
of a device if it opened after the 30 June 2014 and ahead
on 1 January 2015.
Chapter 8. Other provisions
/Rubriken expires U: 2016-03-01/
Account-holding institution's obligations when a central
securities depository is reporting required financial
Institute
/Rubriken enters into force in: 2016-03-01/
Account-holding institution's obligations when a Swedish central securities depository is reporting required financial institution
1 §/expires U: 2016-03-01/
If the reporting required financial institution is a
such central securities depository referred to in Chapter 1. paragraph 3 of the
Act (1998:1479) of financial instruments,
should the adopted as an account operator and
perform registration actions instead of the Central
is applying 4 – Chapter 8. with regard to the
accounts that are subject to such registration. The
the Centre is to collect and
provide the account-holding institution information
as the account-holding institution need to apply 4 to 8
Cape.
1 §/comes into force: 2016-03-01/
If the reporting required financial institution is such a Swedish central securities depository referred to in the law (1998:1479) on securities depositories and account-keeping of financial instruments, it adopted as an account operator and perform registration actions instead of the central securities depository apply 4 – Chapter 8. with respect to accounts that are subject to such registration. Central securities depository shall compile and provide the account-holding institution the information that the account-holding institution need to apply 4 – Chapter 8. Law (2016:66).
Registration
section 2 of The reporting required financial institution should be
registered as a financial institution deemed to follow
FATCA rules of the u.s. Federal
the tax authorities.
Calculation of balance or value
section 3 unless otherwise specified, to an account balance or
value for the purposes of 4 – Chapter 8. determined as of the last
the day of a calendar year, or other appropriate
reporting period.
When an account's balance or value on 30 June 2014 or by the
the end of a calendar year is significant for the review
According to 4-8 chapter, a reporting required financial
institutions rather than count on account balance or value per
the last day for another appropriate reporting period
expires prior to 30 June 2014 or prior
the end of the current calendar year.
Beneficiaries of the death benefit
4 §/expires U: 2016-01-01/a reporting required financial institution may be available
from a natural person who is a beneficiary but not
policyholders in insurance with cash value and
who receives a death benefit in accordance with
the insurance contract is not a detailed u.s. person.
However, this does not apply if the reporting obligation
financial institution has reason to believe that the
the beneficiary is a detailed
4 §/comes into force: 2016-01-01/a reporting required financial institutions may assume that a natural person who is a beneficiary but not policy holders in insurance with cash value and who receives a death benefit in accordance with the insurance contract is not a detailed u.s. person.
However, this does not apply if the reporting required financial institution has reason to believe that the beneficiary is a detailed u.s. person. If there is reason to believe that the beneficiary is a detailed u.s. person, to Chapter 4. 1, 2 and 5 sections applicable to the insurance contract. Law (2015:920).
Existing accounts are reviewed as if they are new accounts
5 § when reviewing a current account held by a
natural person receives a reporting required financial
institutions apply the provisions of Chapter 5. instead of
the provisions of Chapter 4. to determine if the account is
the reporting obligation. When reviewing an existing account
held by a unit receives a reporting duty
financial institution to apply the provisions of Chapter 7. in
rather than the provisions of Chapter 6. in order to determine whether
the account is the reporting obligation. Statements of account holder
or people with control over the account holder
should be obtained when the assessment is made, rather than in the context
with that the account is opened. The time limit for
the review in accordance with the provisions of Chapter 4. and Chapter 6.
should, however, also apply in these cases.
Supporting documentation
6 §/expires U: 2016-01-01/for the purposes of 4 to 7 chapter, to which supporting
documentation counts
1. a certificate of residence issued by the competent official
by the competent authority of the State or jurisdiction in which the
payer claim to be a resident,
2. in the case of a natural person, a valid
identification document issued by a competent authority as
contains an indication of the person's name and are typically used
for the identification,
3. in the case of an entity, official documentation issued
by a competent authority, which includes an indication of the
legal person's name and the address of its head office
in the State or jurisdiction where the claim to be
residents or in the State or jurisdiction under whose
the legislation was drawn up,
4. the documents referred to in annex to an agreement to a
reporting required financial institutions to act as
qualified intermediaries be accepted for identification of physical
the respective units, or
5. bank statement or similar compilations,
credit report, bankruptcy or report from the U.S.
The Securities and Exchange Commission.
6 §/comes into force: 2016-01-01/for the purposes of 4 to 7 chapter, to which documentary evidence counts
1. a certificate of residence issued by a competent authority in the State or jurisdiction where the payee purporting to be a resident,
2. in the case of a natural person, a valid identification document issued by a competent authority, which includes an indication of the person's name and are typically used for identification,
3. in the case of an entity, official documentation issued by the competent authority containing an indication of the legal person, the name and address of its principal office in the State or jurisdiction where the claim to be domiciled or of the State or jurisdiction under whose law it has been established,
4. the documents referred to in annex to an agreement to a reporting required financial institution to act as a qualified intermediary shall be accepted for identification of natural persons and entities, or
5. bank statement or similar statements, credit checks, bankruptcy or report from the U.S.
The Securities and Exchange Commission. Law (2015:920).
Documentation reliability
section 7 of The reporting required financial institutions may, notwithstanding
It is otherwise provided in Chapter 4-8, do not rely on
information in statements and other documentation about the Institute
have access to more information that enables
the accuracy or reliability of reasonably
can be called into question.
Saving documents
section 8/expires U: 2016-01-01/Documentation as a reporting required financial
institutions collect in accordance with this law to be saved for six
year from the collection.
section 8/shall enter into force in: 2016-01-01/documents and information on measures taken to identify whether an account is the reporting obligation or not to be kept for at least five years from the date that your account is terminated.
Law (2015:920).
Transitional provisions
2015:62
1. This law shall enter into force on 1 april 2015.
2. for the purposes of application of Chapter 2. 12 § 1
April 2015 and until 1 January 2016, and then on the
holder was raised as the holder of the share in the
financial institution's register before 1 July 2014, to a
share in equity or debt in a financial institution
be considered as being subject to regular trade even if the holder
of the rate is entered in the register.
3. the audit in accordance with the provisions of Chapter 4. 3 to 8 sections should have
been implemented by 30 June 2015.
4. the audit in accordance with the provisions of Chapter 4. § 1 of
subparagraph and paragraph 2 of and examination in accordance with the provisions of 6
Cape. 1 to 6 sections to be completed by 30 June 2016.
5. for the purposes of Chapter 5. 1 and 2 sections concerning
accounts opened before 1 april 2015, the
reporting required financial institution no later than 31
March 2016 to obtain certification from the individual in question. When
it applies to accounts for which such declaration is not received,
to the reporting required financial institution apply
the provisions of Chapter 4. 3 – 5 and 8 sections and at the latest by 31 March
2016 end accounts. When the certification is requested to
the reporting required financial institution informing
the account holder for that account may be terminated if
certification is not going in and on how the funds on account in so
cases will be paid and the request to the account holder
leave the description of the account funds to be paid out to about
the account terminated. Accounts opened after 30 June 2014
but before 1 april 2015 and which are identified as
the reporting of such accounts, shall be deemed to be
the reporting of such accounts as from the calendar year in which the
they were opened.
6. for the purposes of Chapter 6. section 8 to the
reporting required financial institution no later than 31
March 2016 to obtain certification and other documentation. If
such a certification or other documentation will not
in, to the reporting required financial institution
treat the other financial institution as a non
Fatca participating financial institution.
7. In case of application of Chapter 7. 2 – 5 sections relating to accounts
opened before 1 april 2015, the
reporting required financial institution no later than 31
March 2016 to obtain certification from the account holder or
persons with a controlling interest and other
documentation. When it comes to accounts for which such
certification or other documentation are not received, the
the reporting required financial institution apply
the provisions of Chapter 6. 1 to 6 sections and no later than 31 March 2016
close the accounts. At the time of certification or the other
the documentation is requested to the reporting obligation
financial institution inform the account holder for that account
may be terminated if the certification or the other
documentation is not coming in and about how the funds on account in
that case will be paid and the request to the account holder
leave the description of the account funds to be paid out to about
the account terminated. Accounts opened after 30 June 2014
but before 1 april 2015 and which are identified as
the reporting of such accounts, shall be deemed to be
the reporting of such accounts as from the calendar year in which the
they were opened.
8. Reporting required financial institutions shall, by
31 december 2017 to have received the American
tax exempt number for the specified American
those account holders for existing accounts and for
detailed u.s. persons are persons with
control over the account holder for existing accounts
that is non-us passive non-financial entities.
2016:66
1. This law shall enter into force on March 1, 2016.
2. the provisions of Chapter 2. 11 paragraph shall apply for the first time in respect of the calendar year 2016.