694 Acta Apostolicae Sedis - Commentarium Officiale

5. The sponsoring entity complies with the following requirements:

a) The sponsoring entity has registered as a sponsoring entity with the IRS on the IRS FATCA registration website;

b) The sponsoring entity agrees to perform, on behalf of the Financial Institution, all due diligence, withholding, reporting, and other re- quirements that the Financial Institution would have been required to perform if it were a Reporting HS/VCS Financial Institution and retains documentation collected with respect to the Financial Insti- tution for a period of six years;

c) The sponsoring entity identifies the Financial Institution in all re- porting completed on the Financial Institution's behalf; and

d) The sponsoring entity has not had its status as a sponsor revoked.

D. Investment Advisors and Investment Managers. An Investment Entity es- tablished in the Holy See or the Vatican City State that is a Financial Insti- tution solely because it (1) renders investment advice to, and acts on behalf of, or (2) manages portfolios for, and acts on behalf of, a customer for the purposes of investing, managing, or administering funds deposited in the name of the customer with a Financial Institution other than a Nonpartic- ipating Financial Institution.

E. Collective Investment Vehicle. An Investment Entity established in the Holy See or the Vatican City State that is regulated as a collective investment ve- hicle, provided that all of the interests in the collective investment vehicle (including debt interests in excess of $50,000) are held by or through one or more exempt beneficial owners, Active NFFEs described in subpara- graph B(4) of section VI of Annex I, U.S. Persons that are not Specified U.S. Persons, or Financial Institutions that are not Nonparticipating Financial Institutions.

F. Special Rules. The following rules apply to an Investment Entity:

1. With respect to interests in an Investment Entity that is a collective in- vestment vehicle described in paragraph E of this section, the reporting obligations of any Investment Entity (other than a Financial Institution through which interests in the collective investment vehicle are held) shall be deemed fulfilled.

2. With respect to interests in:

a) An Investment Entity established in a Partner Jurisdiction that is regulated as a collective investment vehicle, all of the interests in