688 Acta Apostolicae Sedis - Commentarium Officiale

B. International Organization. Any international organization or wholly owned agency or instrumentality thereof. This category includes any in- tergovernmental organization (including a supranational organization) (1) that is comprised primarily of non-U.S. governments; (2) that has in effect a headquarters agreement with the HS/VCS; and (3) the income of which does not inure to the benefit of private persons.

C. Central Bank. An institution that is by law or government sanction the prin- cipal authority, other than the Holy See or the government of the Vati- can City State itself, issuing instruments intended to circulate as currency. Such an institution may include an instrumentality that is separate from the Holy See or the government of the Vatican City State, whether or not owned in whole or in part by the Holy See or the Vatican City State.

II. Funds that Qualify as Exempt Beneficial Owners. The following Entities shall be treated as Non-Reporting HS/VCS Financial Institutions and as exempt beneficial owners for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code.

A. Broad Participation Retirement Fund. A fund established in the Holy See or the Vatican City State to provide retirement, disability, or death bene- fits, or any combination thereof, to beneficiaries that are current or former employees (or persons designated by such employees) of one or more em- ployers in consideration for services rendered, provided that the fund:

1. Does not have a single beneficiary with a right to more than five percent of the fund's assets;

2. Is subject to government regulation and provides information reporting to the relevant authorities in the Holy See or the Vatican City State; and

3. Satisfies at least one of the following requirements:

a) The fund is generally exempt from tax in the Vatican City State on investment income under the laws of the Holy See or the Vatican City State due to its status as a retirement or pension plan;

b) The fund receives at least 50 percent of its total contributions (other than transfers of assets from other plans described in paragraphs A and B this section or from retirement and pension accounts described in subparagraph A(1) of section V of this Annex II) from the sponsor- ing employers;

c) Distributions or withdrawals from the fund are allowed only upon the occurrence of specified events related to retirement, disabili-