GIIN Lists Analysis: June 2014 through April 2015
April’s global GIIN registrations, like March, were unimpressive. Financial institution GIIN total registrations ticked up from an unimpressive 2,479 additional ones in March to 3,734 in April, bringing the ultimate GIIN count to 160,010 from the March result of 156,276. The 112 IGA signatories, and IGA agreements in principle, account for 152,973 (96% of the total). 6,134 registrations from 131 non-IGA countries and jurisdictions represent less than 4% of the total.
The ten UK dependencies and overseas territories comprised 48,956 of these GIINs, representing nearly 31% of the total. The 34 OECD members, with 77,197 GIIN registrations, represent another 48%.
The four BRICs account for 8,060, seen as an industry barometer of non-OECD FATCA GIIN acceptance, up from 7,962 in March.
5,718 of this total are the lead entity of an expanded affiliated group (EAGs).
OECD Common Reporting Standard signatories still sits at 98, with 58 committed to begin in 2017, 35 in 2018, and 5 not yet committed to the start date.
Since the publication of the U.S. Treasury’s original GIIN list 1 June 2014, Haydon Perryman (FATCA systems designer for several tier 1 financial institutions) and I (primary author, Lexis Guide to FATCA Compliance) have been analyzing on a monthly basis the list that the USA provides of “approved FFIs” (foreign financial institutions). The IRS published its fourth 2015 FATCA GIIN list, April, of “approved FFIs” (a list of the financial firms that have registered on the IRS FATCA portal). The results for April of this empirical study are:
| FATCA IGA Scenarios |
GIINs |
Jurisdictions |
| Model 1A IGA |
97,386 |
91 |
| Model 1B IGA |
37,360 |
7 |
| Model 2 IGA |
18,227 |
14 |
| No IGA |
6,134 |
131 |
| US |
836 |
1 |
| US Territories |
67 |
6 |
| Total |
160,010 |
250 |
GIIN List (2014/2015) Registrations
June 77,354
July 82,994
August 95,239
September 99,861
October 104,344
November 116,104
December 122,881
January 147,043
February 153,797
March 156,276
April 160,010
FATCA International Data Exchange Services (IDES) Updates
IDES Data Preparation Examples Available on GitHub
The FATCA International Data Exchange Service (IDES) is open for testing now until Friday, 24 April at 12:00 PM EDT to all financial institutions and tax administrations that completed IDES enrollment by Thursday, 16 April 2015.
On 12 January 2015 the Internal Revenue Service launched the International Data Exchange Service (IDES) for enrollment. The 160,010 registered financial institutions or host country tax authorities must use IDES to securely send their information reports on financial accounts held by U.S. persons to the IRS under the Foreign Account Tax Compliance Act (FATCA) or pursuant to the terms of one of the 112 intergovernmental agreement (IGA), as applicable. Reciprocally, whereby a jurisdiction has entered into a “reciprocal IGA” with the U.S. and the jurisdiction has the necessary safeguards and infrastructure in place, the IRS will also use IDES to provide similar information to the host country tax authority on accounts in U.S. financial institutions held by the jurisdiction’s residents.Users have inquired about technical solutions and specifications regarding data preparation to create IDES data packets. In response, the IRS developed examples that conform to published guidelines. The examples, available on
Users have inquired about technical solutions and specifications regarding data preparation to create IDES data packets. In response, the IRS developed examples that conform to published guidelines. The examples, available on GitHub, explain how to create an IDES data packet and decrypt a notification.
GitHub is an open source repository hosting service that allows users to collaborate and share code. You are invited to review the examples, participate in the online community and create your own technology solutions.
• IDES Data Preparation for.NET
• IDES Data Preparation for Java
• IDES Data Preparation for OpenSSL
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