Austria-United States: Memorandum of Understanding to FATCA Agreement (2014)
MEMORANDUM OF UNDERSTANDING
At the signing today of the Agreement between the United States of America and the Republic of Austria for Cooperation to Facilitate the Implementation of FATCA (hereinafter the “Agreement”), the representatives of the United States of America and of Austria have reached the following understanding concerning the Agreement:
a) It is understood that, in the case of securities registered in the Austrian Central Securities Depository (hereinafter CSD.A), entrusted to the Oesterreichische Kontrollbank Aktiengesellschaft pursuant to section 1 paragraph 3 of the Austrian Securities Deposit Act (Depotgesetz), that are held by or through one or more other Financial Institutions, the relevant Financial Accounts are to be treated as held by such other Financial Institutions, and such other Financial Institutions are to be responsible for any reporting and withholding or termination of such Financial Accounts. Notwithstanding the foregoing, in accordance with paragraph 4 of Article 4 of the Agreement, CSD.A may report on behalf of such other Financial Institutions.
b) It is understood that paragraph D of section V of Annex II will ordinarily encompass accounts maintained in Austria, used for coordinated cash transfer in support of transactions in real and personal property, and supervised by authorized agents subject to extended legal requirements in Austrian laws, including escrow accounts held by lawyers, civil notaries and accountants / tax advisors according to the Austrian Banking Act (Bankwesengesetz), the Advocates’ Act (Rechtsanwaltsordnung), the Civil Notaries’ Act (Notariatsordnung) and the Accountants’ Act (Wirtschaftstreuhandberufsgesetz).
This Memorandum of Understanding becomes operative on the same date as the Agreement.
Signed at Vienna in the English and German language, each in duplicate, on April 29, 2014.