{"id":606,"date":"2014-12-31T00:00:00","date_gmt":"2014-12-30T18:30:00","guid":{"rendered":""},"modified":"2015-12-31T16:49:18","modified_gmt":"2015-12-31T11:19:18","slug":"ffis-need-to-register-with-the-us-irs-and-obtain-a-global-intermediary-identification-number-giin-sebi-circular","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/banking\/ffis-need-to-register-with-the-us-irs-and-obtain-a-global-intermediary-identification-number-giin-sebi-circular\/","title":{"rendered":"FFIs need to register with the US IRS and obtain a Global Intermediary Identification Number (GIIN) – SEBI Circular"},"content":{"rendered":"
\n

CIRCULAR<\/strong><\/p>\n

 <\/p>\n

 CIR\/MIRSD\/6\/2014<\/strong>                                                                                     <\/span>December 30, 2014<\/strong><\/p>\n

\n

 <\/p>\n

To,<\/strong><\/p>\n

 <\/p>\n

All
\nIntermediaries registered with SEBI<\/strong><\/p>\n

 <\/p>\n

Dear Sir\/Madam,<\/p>\n

 <\/p>\n

 <\/p>\n

Sub: Registration for the purpose of
\nForeign Accounts Tax Compliance Act (FATCA)<\/strong><\/p>\n

 <\/p>\n

 <\/p>\n

1.   
\n<\/strong>Please refer to SEBI circular
\nCIR\/MIRSD\/2\/2014 dated June 30, 2014 on the captioned subject. <\/strong><\/p>\n

 <\/strong><\/p>\n

 <\/strong><\/p>\n

2.   
\n<\/strong>The Government of India has informed
\nSEBI vide communication dated December 30, 2014 that as per the FAQ published
\non the US Internal Revenue Service (IRS) website, Foreign Financial
\nInstitutions (FFIs) in Model 1 jurisdictions need to register with the US IRS
\nand obtain a Global Intermediary Identification Number (GIIN) before January
\n01, 2015, or at the earliest, in order to avoid withholding. The FFIs <\/strong><\/p>\n

 <\/p>\n

who have registered but have not obtained
\na GIIN should indicate to the withholding agents that the GIIN is applied for.
\nThe FAQ published on the IRS website (updated as on December 22, 2014), is
\nplaced as Annexure to this circular and is also available at: http:\/\/www.irs.gov\/Businesses\/Corporations\/Frequently-Asked-Questions-FAQs-FATCA–Compliance-Legal#IGA<\/a>. <\/p>\n

 <\/p>\n<\/div>\n

3.   
\n<\/strong>All SEBI registered intermediaries
\nwho maintain US reportable accounts, as defined in the Model 1
\nInter-Governmental Agreement, may take action appropriately. Information on the
\nIGA is available at: http:\/\/www.treasury.gov\/resource-center\/tax-policy\/treaties\/Pages\/FATCA.aspx<\/a>.<\/strong><\/p>\n

 <\/strong><\/p>\n

 <\/strong><\/p>\n

4.   
\n<\/strong>This Circular is being issued in
\nexercise of powers conferred under Section 11 (1) of the Securities and
\nExchange Board of India Act, 1992 (SEBI Act). <\/strong><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

Yours faithfully,<\/p>\n

 <\/p>\n

 Krishnanand Raghavan General Manager
\n022-26449632<\/strong><\/p>\n

 <\/p>\n

Email: krishnanandr@sebi.gov.in<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

CIRCULAR  CIR\/MIRSD\/6\/2014                                                                                     December 30, 2014   All Intermediaries registered with SEBI   Sub: Registration for the purpose of Foreign Accounts Tax Compliance Act (FATCA)     2.    The Government of India has informed SEBI vide communication dated December 30, 2014 that as per the FAQ published on the US Internal Revenue Service (IRS) website, Foreign … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[10],"tags":[329,330],"yoast_head":"\nFFIs need to register with the US IRS and obtain a Global Intermediary Identification Number (GIIN) - SEBI Circular - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/banking\/ffis-need-to-register-with-the-us-irs-and-obtain-a-global-intermediary-identification-number-giin-sebi-circular\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FFIs need to register with the US IRS and obtain a Global Intermediary Identification Number (GIIN) - SEBI Circular - All About Finance\" \/>\n<meta property=\"og:description\" content=\"CIRCULAR  CIR\/MIRSD\/6\/2014                                                                                     December 30, 2014   All Intermediaries registered with SEBI   Sub: Registration for the purpose of Foreign Accounts Tax Compliance Act (FATCA)     2.    The Government of India has informed SEBI vide communication dated December 30, 2014 that as per the FAQ published on the US Internal Revenue Service (IRS) website, Foreign ... 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