The Irish tax authorities published their revised final FATCA guidance on 1 October 2014. Among the additions to the guidance are:
- The guidance recognises that many collective investment schemes are constituted as umbrella funds whereby investment portfolios are held for different investors through sub-funds with segregated liability. Clarification is given that while registration for a GIIN should be done at the level of the umbrella fund in the case of an umbrella fund which is an Investment Entity, an election can be made to register instead at the level of the sub-fund if that is the preferred option.
- Confirmation that the role of the responsible officer while a feature of the US Internal Revenue Service FATCA portal registration process does not invoke the US Treasury concept of a responsible officer in the case of a Model I IGA country such as Ireland. The purpose of the registration process in Ireland's case is to apply for a GIIN and to authorise one or more points of contact for the reporting financial institution.
- Guidance is included with respect to two new categories of reporting financial institution added by the Irish regulations – the relevant holding company and the relevant treasury company.
- The guidance indicates that FATCA returns will be completed and filed in most cases with the Irish tax authorities by customers along with their corporate tax registration or investment undertaking tax registration through the Revenue Online System (ROS).
- The guidance adds some clarification around the 'regularly traded on an established securities market' concept. An equity or debt interest will be considered to be 'regularly traded' if listed on a recognised stock exchange "with the intention that the interests may be traded". If the interest is listed solely for regulatory or similar purposes where there is clearly no intention to trade the interest should not be considered as 'regularly traded'. In assessing whether a class of interest has been set up to avoid reporting Revenue will take into account a number of factors.