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HMRC internal manual

International Exchange of Information Manual

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Notification requirement: Scope and requirements:  Specified Financial Institution

Notification requirement: Scope and requirements:  Specified Financial Institution

Specified Financial Institutions and Specified Relevant Persons [IEIM600530] within the scope of the obligation will be subject to UK law.

Where a person meets the definition of both Financial Institution and Specified Relevant Person, the rules applying to Specified Financial Institution will take precedence, and only those rules will apply.

In some situations, the obligation may also be passed on to companies outside the UK where they are controlled from the UK by an affected party and they would be Specified Financial Institutions and Specified Relevant Persons if they were carrying on their business in the UK [IEIM601050] and [IEIM602060].

 

Financial Institutions and Specified Financial Institutions

Financial Institution is a defined term within international agreements the UK has entered into to enable automatic exchange of information with other jurisdictions.

In broad terms, Financial Institution will cover banks, building societies, insurers, fund managers, wealth managers, many investment entities, and similar businesses.

Obligations on Financial Institutions are already in place under existing Regulations, so it is likely that if you are a Financial Institution in the UK you will know about it.

Specified Financial Institutions are those that are not ‘Non-Reporting Financial Institutions’ for the purposes of the DAC or CRS –this is not the same as being a Reporting Financial Institution [IEIM601000].

Charities that are Financial Institutions are not included in the rules.