Foreign Financial Institution

A Foreign Financial Institution (FFI)is defined as a non-US entity that:

• Accepts deposits in the ordinary course of business of a banking or similar institution;
• Holds financial assets for the accounts of others as a substantial portion of its business (e.g. custody);
• Is engaged primarily in the business of investing, reinvesting or trading in securities, commodities, partnership interests, derivatives, insurance or annuity contracts or any interests (including futures and forward contracts and options) therein; or
• Is an insurance company (or the holding company of an insurance company) that issues or is obligated to make payments with respect to a financial account.