In certain cases a QI may be able to request a waiver of the requirement to perform the Periodic Review. Specficially, a QI may qualify for a waiver in case all of the following requirements are satisfied:

  • The QI is not a Qualified Derivatives Dealer;
  • The QI is not part of a consolidated (QI) compliance program;
  • In each of the years of the Certification Period the QI did not receive more than US$5 million of QI reportable income;
  • For each year of the Certification Period the QI timely filed Forms 1042, 1042-S, 945 (if applicable), 1099 (if applicable) as well as the relevant FATCA reporting to the local tax authorities; and
  • The QI has complied with the Periodic Certification in relation to the prior Certification Period.