Acta Francisci Pp. 693

the Financial Institution pursuant to applicable registration require- ments on the IRS FATCA registration website on or before the later of December 31, 2015 and the date that is 90 days after such a U.S. Reportable Account is first identified;

d) 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;

e) The sponsoring entity identifies the Financial Institution and in- cludes the identifying number of the Financial Institution (obtained by following applicable registration requirements on the IRS FATCA registration website) in all reporting completed on the Financial In- stitution's behalf; and

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

C. Sponsored, Closely Held Investment Vehicle. A HS/VCS Financial Institu- tion satisfying the following requirements:

1. The Financial Institution is a Financial Institution solely because it is an Investment Entity and is not a qualified intermediary, withholding foreign partnership, or withholding foreign trust pursuant to relevant U.S. Treasury Regulations;

2. The sponsoring entity is a Reporting U.S. Financial Institution, Report- ing Model 1 FFI, or Participating FFI, is authorized to act on behalf of the Financial Institution (such as a professional manager, trustee, or managing partner), and agrees to perform, on behalf of the Financial Institution, all due diligence, withholding, reporting, and other require- ments that the Financial Institution would have been required to per- form if it were a Reporting HS/VCS Financial Institution;

3. The Financial Institution does not hold itself out as an investment vehi- cle for unrelated parties;

4. Twenty or fewer individuals own all of the debt interests and Equity In- terests in the Financial Institution (disregarding debt interests owned by Participating FFIs and deemed-compliant FFIs and Equity Interests owned by an Entity if that Entity owns 100 percent of the Equity In-

terests in the Financial Institution and is itself a sponsored Financial

Institution described in this paragraph C); and