According to the signed FATCA agreement between the Czech Republic and United States of America to improve international tax compliance and reporting, Czech financial institutions will become participating financial institutions.
In addition, the CSD Prague has registered itself in the American Tax office (IRS) as a participating foreign financial institution (FFI) as follows:
| Legal name: | Centralni depozitar cennych papiru, a.s. |
| FI Type: | Single |
| GIIN: | 8DYV3D.99999.SL.203 |
In compliance with the FATCA agreement, all Czech FFI are obliged to be registered in IRS until 22 December, 2014 and further to check their clients and opened accounts according to the stages on 30 June, 2014, 31 December, 2015, and at the end of following years.
FFI will be obliged to provide requested information about specified American persons and reported American accounts, as well as the name of non-participating FFI, to which they sent any payments.
CSD Prague will check all of the accounts in the unintegrated registration, and CSD participants will be obligated to check the accounts of their clients kept in the central registration, in the separated registration, and in the registrations following the central and separated registration.
Impact on investors: According to FATCA, Czech financial institutions will become participating FFI and will be obligated to register themselves in IRS until 22 December, 2014.