A sponsoring entity FI (Financial Institution) can add sponsored entities in the FATCA Registration system through several methods, as outlined in the provided information:
- Manage Sponsored Entities Link: The sponsoring entity can manage its sponsored entities via the "Manage Sponsored Entities" link on the home page of the FATCA registration website. This link allows the sponsoring entity to view, add, edit, cancel, and delete sponsored entities, provided the sponsoring entity is in approved status.
- Individual Addition: Sponsored entities can be added individually by clicking the "Manage Sponsored Entities" link under "Your Information" from the home page. The sponsoring entity will need to provide the legal name, country/jurisdiction, and classification for each sponsored entity. The classification choices include sponsored subsidiary, sponsored fund, and sponsored direct reporting NFFE.
- File Upload: The sponsoring entity can also add multiple sponsored entities at once using a file upload option. This method involves preparing an XML file containing the registration data for multiple sponsored entities and uploading it within the approved FATCA account on the "Manage Sponsored Entities" page. Instructions on how to prepare and upload the XML file are provided in the FATCA Online Registration System user guide.
- Add Member Link: Another method to add sponsored entities is via the "add member" link at the top of the page from any of the four page views (all members, pending transfer in, pending transfer out, and transfer completed). This allows the sponsoring entity to add a member without having to navigate to a specific question in the registration process.
- Editing and Deleting Sponsored Entities: Sponsoring entities in approved status can also edit or delete sponsored entities and sponsored subsidiary branches via the "Manage Sponsored Entities" link. However, only the legal name of the sponsored entity can be edited without having to delete the entity. To update the jurisdiction or classification, the sponsored entity must be deleted and then added again. Deleting a sponsored entity will also delete all of its sponsored subsidiary branches and their GIINs (if applicable).
By utilizing these methods, a sponsoring entity FI can efficiently manage and add sponsored entities to its FATCA registration account.
Sources:
§ 1.1471-5. Definitions applicable to section 1471.
Publication 5118 (07/2021)
Notice 2013-43
