An FI (Financial Institution) can change the FI Type in question 1 of the FATCA Registration by following these steps:
- Access the FATCA Registration System: The FI must log into the FATCA Registration System.
- Select the 'Change FI Type' Link: On the home page of the FATCA Registration System, the FI should select the 'Change FI Type' link.
- Complete the Registration Form Again: After selecting the 'Change FI Type' link, the FI will need to complete the registration form again to reflect the new FI Type.
- Allowed FI Type Changes: The system allows specific changes in FI Type, including:
- Member FI to Single FI
- Single FI to Lead FI
- Single FI to Member FI (transfer to an expanded affiliated group)
- Lead FI to Member FI (transfer to an expanded affiliated group)
- Transfer to an Expanded Affiliated Group: If the change involves transferring to an expanded affiliated group, the FI will need to know the FATCA ID of the new lead of the expanded affiliated group. The new member will receive a new FATCA ID and a new GIIN once the transfer is finalized and the account status is approved.
- Update Access Code: The FI will need to change its access code if it changes its FI Type or transfers to another expanded affiliated group. A temporary code will initially be provided and must be changed.
By following these steps, an FI can successfully change its FI Type in question 1 of the FATCA Registration without needing to cancel its current registration agreement.
Sources:
Publication 5118 (07/2021)