Types of accounts - Non-Qualified Intermediaries and Flow-Through Entities
Non-Qualified Intermediaries (NQIs) and Flow-Through Entities (FTEs)
There are different types of accounts available in Clearstream Banking to NQIs and FTEs depending on the status of the underlying recipients / beneficial owners for whom the securities are held on the account.
The customer will have to
- indicate whether FATCA withholding must be applied and provide necessary FATCA recipient code, exemption codes and recipient documentation whenever relevant;
- provide the relevant documentation for all underlying recipients/ beneficial owners and potential additional intermediary for Chapter 3 purposes; and
- separate the U.S. specified persons for whom 1099 reporting is due from the other type of recipients as indicated below.
For each account with Clearstream Banking for which the customer is acting in this capacity,
the customer must provide:
In addition exclusively for FATCA non-compliant recipients and/or FATCA compliant recipients being non-U.S. beneficial owners/recipients, U.S. exempt recipients and U.S. specified persons in a U.S. payee pool
The NQI must provide
Whenever NQIs wish to apply for an omnibus structure (requiring a per payment allocation breakdown ) and hold securities on behalf of more than 100 underlying recipients, we kindly ask them to contact their Relationship Manager.
In addition U.S. specified persons for whom a 1099 reporting is due,
the NQI must provide