648 Acta Apostolicae Sedis - Commentarium Officiale

o) The term "Non-Reporting HS/VCS Financial Institution" means any HS/VCS Financial Institution, or other Entity resident in the Vatican City State, that is described in Annex II as a Non-Re- porting HS/VCS Financial Institution or that otherwise qualifies as a deemed-compliant FFI or an exempt beneficial owner under relevant U.S. Treasury Regulations in effect on the date of sig- nature of this Agreement.

p) The term "Nonparticipating Financial Institution" means a non- participating FFI, as that term is defined in relevant U.S. Treasury Regulations, but does not include a HS/VCS Financial Institution or other Partner Jurisdiction Financial Institution other than a Financial Institution treated as a Nonparticipating Financial Institution pursuant to subparagraph 3(b) of Article 5 of this Agreement or the corresponding provision in an agreement be- tween the United States and a Partner Jurisdiction.

q) The term "Financial Account" means an account maintained by a Financial Institution, and includes:

(1) in the case of an Entity that is a Financial Institution solely because it is an Investment Entity, any equity or debt interest (other than interests that are regularly traded on an estab- lished securities market) in the Financial Institution;

(2) in the case of a Financial Institution not described in subpar- agraph 1(q)(1) of this Article, any equity or debt interest in the Financial Institution (other than interests that are reg- ularly traded on an established securities market), if (i) the value of the debt or equity interest is determined, directly or indirectly, primarily by reference to assets that give rise to U.S. Source Withholdable Payments, and (ii) the class of interests was established with a purpose of avoiding reporting in accordance with this Agreement; and

(3) any Cash Value Insurance Contract and any Annuity Contract issued or maintained by a Financial Institution, other than a noninvestment-linked, nontransferable immediate life annuity that is issued to an individual and monetizes a pension or disability benefit provided under an account that is excluded from the definition of Financial Account in Annex II.

Notwithstanding the foregoing, the term "Financial Account" does not include any account that is excluded from the definition of