RO Certification

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 Sponsoring entity of a sponsored direct reporting NFFE means the occurrence of any of the following:

(i) Failure to have a written sponsorship agreement in effect with each sponsored direct reporting NFFE;
(ii) Failure to satisfy the requirements with respect to each sponsored direct reporting NFFE that the NFFE would have been required to satisfy as a direct reporting NFFE;
(iii) Failure to report 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 sponsored direct reporting NFFE and each of its substantial U.S. owners by the due date (including any extensions);
(iv) Failure to make the required periodic certification required;
(v) Failure to cooperate with an IRS request for additional information and requests to extend the retention period for the records required to retain;
(vi) Making fraudulent statement or misrepresentation of material fact to the IRS or representing to a withholding agent or the IRS its status as a sponsoring entity for an entity other than an entity for which it acts as a sponsoring entity; or
(vii) Failure to obtain from each sponsored direct reporting NFFE the information required to report on Form 8966.

Note that following an event of default known by the IRS or that is disclosed by the entity to the IRS (e.g. as part of the certification), the IRS will deliver to the sponsoring entity a notice of default specifying the event(s) of default and, if applicable, identifying each sponsored direct reporting NFFE to which the notice relates.  In the notice the IRS will request that the event of default be remediated within a specified time. A sponsoring entity will be permitted to remediate an event of default to the extent that it agrees with the IRS on a remediation plan. If the sponsoring entity does not provide a response to a notice of default with the time allotted, the IRS may deliver a notice of termination that terminates the entity’s status, the status of one or more sponsored direct reporting NFFEs as a direct reporting NFFE, or both the sponsoring entity and one or more sponsored direct reporting NFFEs.

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.