The US IRS, on June 24, released Rev. Proc. 2014-38, which includes a revised foreign financial institutions (FFI) agreement for FFIs that wish to enter into an agreement with the IRS to be treated as a participating FFI under the Foreign Account Tax Compliance Act (FATCA).
The Rev. Proc. updates the agreement provided in Rev. Proc. 2013-13, taking into account temporary regulations released in February. Rev. Proc. 2014-38 also provides guidance to FFIs and branches of FFIs treated as reporting financial institutions under a Model 2 intergovernmental agreement on complying with the terms of the FFI agreement.
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