Private Arrangement Intermediaries

A PAI is non-US financial institution that has entered into a contract with a QI regarding QI documentation and reporting matters. The PAI agreement allows the QI to utilize streamlined QI reporting for the non-US direct clients of the PAI. The PAI relationship only is valid between the PAI and the QI with which it has entered the PAI agreement. The PAI is treated as a non-QI regarding operations with any other QIs or financial intermediaries.