Law (2015:62) On The Identification Of Reporting Of Such Accounts On The Occasion Of The Fatca Agreement

Original Language Title: Lag (2015:62) om identifiering av rapporteringspliktiga konton med anledning av FATCA-avtalet

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Read the untranslated law here: http://rkrattsbaser.gov.se/sfst?bet=2015:62

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