124 STAT. 101 PUBLIC LAW 111–147—MAR. 18, 2010 Any equity or debt interest which constitutes a financial account under subparagraph (C) with respect to any financial institution shall be treated for purposes of this section as main- tained by such financial institution. ‘‘(3) UNITED STATES OWNED FOREIGN ENTITY.—The term ‘United States owned foreign entity’ means any foreign entity which has one or more substantial United States owners. ‘‘(4) FOREIGN FINANCIAL INSTITUTION.—The term ‘foreign financial institution’ means any financial institution which is a foreign entity. Except as otherwise provided by the Secretary, such term shall not include a financial institution which is organized under the laws of any possession of the United States. ‘‘(5) FINANCIAL INSTITUTION.—Except as otherwise provided by the Secretary, the term ‘financial institution’ means any entity that— ‘‘(A) accepts deposits in the ordinary course of a banking or similar business, ‘‘(B) as a substantial portion of its business, holds financial assets for the account of others, or ‘‘(C) is engaged (or holding itself out as being engaged) primarily in the business of investing, reinvesting, or trading in securities (as defined in section 475(c)(2) without regard to the last sentence thereof), partnership interests, commodities (as defined in section 475(e)(2)), or any interest (including a futures or forward contract or option) in such securities, partnership interests, or commodities. ‘‘(6) RECALCITRANT ACCOUNT HOLDER.—The term ‘recal- citrant account holder’ means any account holder which— ‘‘(A) fails to comply with reasonable requests for the information referred to in subsection (b)(1)(A) or (c)(1)(A), or ‘‘(B) fails to provide a waiver described in subsection (b)(1)(F) upon request. ‘‘(7) PASSTHRU PAYMENT.—The term ‘passthru payment’ means any withholdable payment or other payment to the extent attributable to a withholdable payment. ‘‘(e) AFFILIATED GROUPS.— ‘‘(1) IN GENERAL.—The requirements of subsections (b) and (c)(1) shall apply— ‘‘(A) with respect to United States accounts maintained by the foreign financial institution, and ‘‘(B) except as otherwise provided by the Secretary, with respect to United States accounts maintained by each other foreign financial institution (other than any foreign financial institution which meets the requirements of sub- section (b)) which is a member of the same expanded affili- ated group as such foreign financial institution. ‘‘(2) EXPANDED AFFILIATED GROUP.—For purposes of this section, the term ‘expanded affiliated group’ means an affiliated group as defined in section 1504(a), determined— ‘‘(A) by substituting ‘more than 50 percent’ for ‘at least 80 percent’ each place it appears, and ‘‘(B) without regard to paragraphs (2) and (3) of section 1504(b). A partnership or any other entity (other than a corporation) shall be treated as a member of an expanded affiliated group if such entity is controlled (within the meaning of section Applicability.
