FFI

Foreign Financial Institution

http://www.irs.gov/Businesses/Corporations/Information-for-Foreign-Financial-Institutions

Type
Entity

Jurisdiction
U.S.

Sponsor/Regulator
U.S. Internal Revenue Service

Description
A foreign financial institution means a foreign entity that (i) accepts deposits in the ordinary course of a banking or similar business; (ii) holds financial assets for the account of others as a substantial portion of its business; or (iii) is engaged primarily in the business of investing, reinvesting, or trading in securities interests in partnerships, commodities or any interest (including a futures or forward contract or option) in such securities, partnership interests or commodities.

Key Facts
Definition includes not only traditional banks, but could also include insurance companies, investment trusts, mutual funds, hedge funds and pension plans.

Who it affects
Foreign financial institutions holding US taxpayer assets.

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