Depending on the responses to the questions in this certification, the Responsible Officer (RO) may be required to provide additional information. For example, if the response to question 1 is "yes” the RO will be required to complete questions (a) and (b) to describe the event of default and provide the approximate date(s) when the event occurred and to indicate whether corrective actions were taken to remediate the event of default and prevent the event from reoccurring. If the response to question (b) is "yes", RO will be required to complete question (c) to provide a brief description of the corrective actions taken.
The events of default in the case of a Direct Reporting NFFE means a failure to meet any of the following requirements:
(i) Failure to register with the IRS and obtain a GIIN;
(ii) Failure to report directly to the IRS on Form 8966, “FATCA Report,” (or such other form as the IRS may prescribe) all of the information required with respect to each substantial U.S. owner (or report to the IRS on Form 8966 that the direct reporting NFFE has no substantial U.S. owners) by the due date of the form (including extensions);
(iii) Failure to obtain a written certification from each person that would be treated as a substantial U.S. owner of the direct reporting NFFE if such person were a specified U.S. person;
(iv) Failure to retain records for the specified period of time;
(v) Failure to respond to requests made by the IRS for additional information with respect to any substantial U.S. owners that is subject to reporting by the NFFE or with respect to the records required to retain; and
(vi) Failure to make the required periodic certification.
An event of default also includes any misrepresentation of a material fact to the IRS.
Please note that the responses to the questions will determine the overall result of the certification.
The IRS may follow up with additional inquiries based on the information provided in the certifications.