On November 13, 2014, Hong Kong announced that it had signed a Model 2 FATCA IGA. Under the agreement Hong Kong financial institutions will enter into separate FFI agreements with the IRS and will report information on U.S. account holders directly to the IRS. Hong Kong indicated its intention to sign a Model 2 IGA when it agreed “in substance” to a Model 2 IGA on May 9, 2014.