Can a member FI transfer to another expanded affiliated group

Yes, a member FI (Foreign Financial Institution) can transfer to another expanded affiliated group (EAG).

The process for transferring involves several steps and conditions:

1. Approved Status: The member FI must be in an approved status to initiate the transfer.
2. Initiating the Transfer: The member FI can initiate the transfer to another EAG by using the "initiate transfer to another expanded affiliated group" link available on the FATCA registration system's home page.
3. New Lead's FATCA ID: The member FI will need to obtain the FATCA ID of the new lead of the expanded affiliated group to which it intends to transfer.
4. Lead FI's Role: The lead FI of the new EAG will receive a notification of the transfer request and has 45 days to accept or decline the request. If the lead FI does not respond within this period, the request will expire.
5. Withdrawal of Transfer Request: The member FI has the option to withdraw its transfer request at any time before the transfer is finalized by using the "withdraw transfer" link under the Available Account Options on the home page.
6. Completion of Transfer: Once the transfer is finalized, the new member FI will receive a new FATCA ID and a new Global Intermediary Identification Number (GIIN) if the current account status is approved.

These steps ensure that the transfer process is controlled and that all necessary parties are informed and have the opportunity to approve or decline the transfer.

Sources:
News Analysis: Who's in a FATCA Expanded Affiliated Group?
Publication 5118 (07/2021)
§ 1.1471-5. Definitions applicable to section 1471.
Instructions for Form 8957 (06/2018)
§ 1.1471-4. FFI agreement.