TREATIES AND OTHER INTERNATIONAL ACTS SERIES 14-127

________________________________________________________________________

TAXATION

Foreign Account Tax Compliance 

Agreement Between the 

UNITED STATES OF AMERICA

and NORWAY

Signed at Oslo April 15, 2013 

with

Annexes
 NOTE BY THE DEPARTMENT OF STATE

 Pursuant to Public Law 89—497, approved July 8, 1966

(80 Stat. 271; 1 U.S.C. 113)—

“. . .the Treaties and Other International Acts Series issued

under the authority of the Secretary of State shall be competent

evidence . . . of the treaties, international agreements other than

treaties, and proclamations by the President of such treaties and

international agreements other than treaties, as the case may be, 

therein contained, in all the courts of law and equity and of maritime

jurisdiction, and in all the tribunals and public offices of the

United States, and of the several States, without any further proof

or authentication thereof.”
 NORWAY 

 

Taxation: Foreign Account Tax Compliance 

 Agreement signed at Oslo April 15, 2013;

 Entered into force January 27, 2014.

 With annexes.
Agreement Between the Government of the United States of America and the Government 

of the Kingdom of Norway to Improve International Tax Compliance and to Implement 

FATCA 

Whereas, the Government of the United States of America and the Government of the Kingdom 

of Norway (each, a "Party") have a longstanding and close relationship with respect to mutual 

assistance in tax matters and desire to conclude an agreement to improve international tax 

compliance by further building on that relationship, 

Whereas, Article 28 of the Convention between the Government of the United States of America 

and the Government of the Kingdom ofNorway for the Avoidance of Double Taxation and the 

Prevention of Fiscal Evasion with Respect to Taxes on Income and Property ("the Convention") 

authorizes exchange of information for tax purposes, including on an automatic basis, 

Whereas, the United States of America enacted provisions commonly known as the Foreign 

Account Tax Compliance Act ("FATCA"), which introduce a reporting regime for financial 

institutions with respect to certain accounts, 

Whereas, the Government of the Kingdom ofNorway is supportive of the underlying policy goal 

of FATCA to improve tax compliance, 

Whereas, FATCA has raised a number of issues, including that Norwegian financial institutions 

may not be able to comply with certain aspects of FATCA due to domestic legal impediments, 

Whereas, the Government of the United States of America collects information regarding certain 

accounts maintained by U.S. financial institutions held by residents ofNorway and is committed 

to exchanging such information with the Government of the Kingdom ofNorway and pursuing 

equivalent levels of exchange, 

Whereas, the Parties are committed to working together over the longer term towards achieving 

common reporting and due diligence standards for financial institutions, , 

Whereas, the Government of the United States of America acknowledges the need to coordinate 

the reporting obligations under FATCA with other U.S. tax reporting obligations ofNorwegian 

financial institutions to avoid duplicative reporting, 

Whereas, an intergovernmental approach to F ATCA implementation would address legal 

impediments and reduce burdens for Norwegian financial institutions, 

Whereas, the Parties desire to conclude an agreement to improve international tax compliance 

and provide for the implementation ofFATCA based on domestic reporting and reciprocal 

automatic exchange pursuant to the Convention and subject to the confidentiality and other 

protections provided for therein, including the provisions limiting the use of the information 

exchanged under the Convention, 

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Now, therefore, the Parties have agreed as follows: 

Article 1 

Definitions 

1. For purposes of this agreement and any annexes thereto ("Agreement"), the following 

terms shall have the meanings set forth below: 

a) The term "United States" means the United States of America, including the 

States thereof, and, when used in a geographical sense, means the territory of the 

United States of America, including inland waters, the air space, the territorial sea 

thereof and any maritime area beyond the territorial sea within which the United 

States may exercise sovereign rights or jurisdiction in accordance with 

international law; the term, however, does not include the U.S. Territories. Any 

reference to a "State" of the United States includes the District of Columbia. 

b) The term "U.S. Territory" means American Samoa, the Commonwealth of the 

Northern Mariana Islands, Guam, the Commonwealth of Puerto Rico, or the U.S. 

Virgin Islands. 

c) The term "IRS" means the U.S. Internal Revenue Service. 

d) The term "Norway" means the Kingdom ofNorway, and includes the land 

territory, internal waters, the territorial sea and the area beyond the territorial sea 

where the Kingdom ofNorway, according to Norwegian'legislation and in 

accordance with international law, may exercise her rights with respect to the 

seabed and subsoil and their natural resources; the term does not comprise 

Svalbard, Jan Mayen and the Norwegian dependencies ("hiland"). 

e) The term "Partner Jurisdiction" means a jurisdiction that has in effect an 

agreement with the United States to facilitate the implementation ofFATCA. The 

IRS shall publish a list identifying all Partner Jurisdictions. 

f) The term "Competent Authority" means: 

(1) in the case of the United States, the Secretary of the Treasury or his 

delegate; and 

(2) in the case ofNorway, the Minister of Finance or the Minister's authorized 

representative. 

g) The term "Financial Institution" means a Custodial Institution, a Depository 

Institution, an Investment Entity, or a Specified Insurance Company. 

h) The term "Custodial Institution" means any entity that holds, as a substantial 

portion of its business, financial assets for the account of others. An entity holds 

financial assets for the account of others as a substantial portion of its business if 

the entity's gross income attributable to the holding of financial assets and related 

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financial services equals or exceeds 20 percent of the entity's gross income during 

the shorter of: (i) the three-year period that ends on December 31 (or the final day 

of a non-calendar year accounting period)prior to the year in which the 

determination is being made; or (ii) the period during which the entity has been in 

existence. 

i) The term "Depository Institution" means any entity that accepts deposits in the 

ordinary course of a banking or similar business. 

j) The term "Investment Entity" means any entity that conducts as a business (or is 

managed by an entity that conducts as a business) one or more of the following 

activities or operations for or on behalf of a customer: 

(1) trading in money market instruments (cheques, bills, certificates of 

deposit, derivatives, etc.); foreign exchange; exchange, interest rate and 

index instruments; transferable securities; or commodity futures trading; 

(2) individual and collective portfolio management; or 

(3) otherwise investing, administering, or managing funds or money on behalf 

of other persons. 

This subparagraph 1(j) shall be interpreted in a manner consistent with similar 

language set forth in the definition of "financial institution" in the Financial 

Action Task Force Recommendations. 

k) The term "Specified Insurance Company" means any entity that is an insurance 

company (or the holding company of an insurance company) that issues, or is 

obligated to make payments with respect to, a Cash Value Insurance Contract or 

an Annuity Contract. 

1) The term "Norwegian Financial Institution" means (i) any Financial Institution 

resident in Norway, but excluding any branches of such Financial Institution that 

are located outside Norway, and (ii) any branch of a Financial Institution not 

resident in Norway, if such branch is located in Norway. 

m) The term "Partner Jurisdiction Financial Institution" means (i) any Financial 

Institution resident in a Partner Jurisdiction, but excluding any branches of such 

Financial Institution that are located outside the Partner Jurisdiction, and (ii) any 

branch of a Financial Institution not resident in the Partner Jurisdiction, if such 

branch is located in the Partner Jurisdiction. 

n) The term "Reporting Financial Institution" means a Reporting Norwegian 

Financial Institution or a Reporting U.S. Financial Institution, as the context 

reqmres. 

o) The term "Reporting Norwegian Financial Institution" means any Norwegian 

Financial Institution that is not a Non-Reporting Norwegian Financial Institution. 

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p) The term "Reporting U.S. Financial Institution" means (i) any Financial 

Institution that is resident in the United States, but excluding any branches of such 

Financial Institution that are located outside the United States, and (ii) any branch 

of a Financial Institution not resident in the United States, if such branch is 

located in the United States, provided that the Financial Institution or branch has 

control, receipt, or custody of income with respect to which information is 

required to be exchanged under subparagraph (2)(b) of Article 2 of this 

Agreement. 

q) The term "Non-Reporting Norwegian Financial Institution" means any 

Norwegian Financial Institution, or other entity resident in Norway that is 

identified in Annex II as a Non-Reporting Norwegian Financial Institution or that 

otherwise qualifies as a deemed-compliant FFI, an exempt beneficial owner, or an 

excepted FFI under relevant U.S. Treasury Regulations. 

r) The term "Nonparticipating Financial Institution" means a nonparticipating 

FFI, as that term is defined in relevant U.S. Treasury Regulations, but does not 

include a Norwegian Financial Institution or other Partner Jurisdiction Financial 

Institution other than a Financial Institution identified as a Nonparticipating 

Financial Institution pursuant to paragraph 2 of Article 5. 

s) The term "Financial Account" means an account maintained by a Financial 

Institution, and includes: 

(1) in the case of an entity that is a Financial Institution solely because it is an 

Investment Entity, any equity or debt interest (other than interests that are 

regularly traded on an established securities market) in the Financial 

Institution; 

(2) in the case of a Financial Institution not described in subparagraph l(s)(l) 

above, any equity or debt interest in the Financial Institution (other than 

interests that are regularly traded on an established securities market), if (i) 

the value of the debt or equity interest is determined, directly or indirectly, 

primarily by reference to assets that give rise to U.S. Source Withholdable 

Payments, and (ii) the class of interests was established with a purpose of 

avoiding reporting in accordance with this Agreement; and 

(3) any Cash Value Insurance Contract and any Annuity Contract issued or 

maintained by a Financial Institution, other than a noninvestment-linked, 

nontransferable immediate life annuity that is issued to an individual and 

monetizes a pension or disability benefit provided under an account, 

product, or arrangement identified as excluded from the definition of 

Financial Account in Annex II. 

Notwithstanding the foregoing, the term "Financial Account" does not include 

any account, product, or arrangement identified as excluded from the definition of 

Financial Account in Annex II. 

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t) The term "Depository Account" includes any commercial, checking, savings, 

time, or thrift account, or an account that is evidenced by a certificate of deposit, 

thrift certificate, investment certificate, certificate of indebtedness, or other 

similar instrument maintained by a Financial Institution in the ordinary course of 

a banking or similar business. A Depository Account also includes an amount 

held by an insurance company pursuant to a guaranteed investment contract or 

similar agreement to pay or credit interest thereon. 

u) The term "Custodial Account" means an account (other than an Insurance 

Contract or Annuity Contract) for the benefit of another person that holds any 

financial instrument or contract held for investment (including, but not limited to, 

a share or stock in a corporation, a note, bond, debenture, or other evidence of 

indebtedness, a currency or commodity transaction, a credit default swap, a swap 

based upon a nonfinancial index, a notional principal contract, an Insurance 

Contract or Annuity Contract, and any option or other derivative instrument). 

v) The term "Equity Interest" means, in the case of a partnership that is a Financial 

Institution, either a capital or profits interest in the partnership. In the case of a 

trust that is a Financial Institution, an Equity Interest is considered to be held by 

any person treated as a settlor or beneficiary of all or a portion of the trust, or any 

other natural person exercising ultimate effective control over the trust. A 

Specified U.S. Person shall be treated as being a beneficiary of a foreign trust if 

such Specified U.S. Person has the right to receive directly or indirectly (for 

example, through a nominee) a mandatory distribution or may receive, directly or 

indirectly, a discretionary distribution from the trust. 

w) The term "Insurance Contract" means a contract (other than an Annuity 

Contract) under which the issuer agrees to pay an amount upon the occurrence of 

a specified contingency involving mortality, morbidity, accident, liability, or 

property risk. 

x) The term "Annuity Contract" means a contract under which the issuer agrees to 

make payments for a period of time determined in whole or in part by reference to 

the life expectancy of one or more individuals. The term also includes a contract 

that is considered to be an Annuity Contract in accordance with the law, 

regulation, or practice of the jurisdiction in which the contract was issued, and 

under which the issuer agrees to make payments for a term of years. 

y) The term "Cash Value Insurance Contract" means an Insurance Contract (other 

than an indemnity reinsurance contract between two insurance companies) that 

has a Cash Value greater than $50,000. 

z) The term "Cash Value" means the greater of (i) the amount that the policyholder 

is entitled to receive upon surrender or termination of the contract (determined 

without reduction for any surrender charge or policy loan), and (ii) the amount the 

policyholder can borrow under or with regard to the contract. Notwithstanding 

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the foregoing, the term "Cash Value" does not include an amount payable under 

an Insurance Contract as: 

(1) a personal injury or sickness benefit or other benefit providing 

indemnification of an economic loss incurred upon the occurrence of the 

event insured against; 

(2) a refund to the policyholder of a previously paid premium under an 

Insurance Contract (other than under a life insurance contract) due to 

policy cancellation or termination, decrease in risk exposure during the 

effective period of the Insurance Contract, or arising from a 

redetermination of the premium due to correction of posting or other 

similar error; or 

(3) a policy holder dividend based upon the underwriting experience of the 

contract or group involved. 

aa) The term "Preexisting Account" means a Financial Account maintained by a 

Reporting Financial Institution as of December 31, 2013. 

bb) The term "Reportable Account" means aU .S. Reportable Account or a 

Norwegian Reportable Account, as the context requires. 

cc) The term "Norwegian Reportable Account" means a Financial Account 

maintained by a Reporting U.S. Financial Institution if: (i) in the case of a 

Depository Account, the account is held by an individual resident in Norway and 

more than $10 of interest is paid to such account in any given calendar year; or 

(ii) in the case of a Financial Account other than a Depository Account, the 

Account Holder is a resident of Norway, including entities that certify that they 

are resident in Norway for tax purposes, with respect to which U.S. source income 

that is subject to reporting under chapter 3 or chapter 61 of subtitle A of the U.S. 

Internal Revenue Code is paid or credited. 

dd) The term "U.S. Reportable Account" means a Financial Account maintained by 

a Reporting Norwegian Financial Institution and held by one or more Specified 

U.S. Persons or by a Non-U.S. Entity with one or more Controlling Persons that is 

a Specified U.S. Person. Notwithstanding the foregoing, an account shall not be 

treated as a U.S. Reportable Account if such account is not identified as a U.S. 

Reportable Account after application of the due diligence procedures in Annex I. 

ee) The term "Account Holder" means the person listed or identified as the holder of 

a Financial Account by the Financial Institution that maintains the account. A 

person, other than a Financial Institution, holding a Financial Account for the 

benefit or account of another person as agent, custodian, nominee, signatory, 

investment advisor, or intermediary, is not treated as holding the account for 

purposes of this Agreement, and such other person is treated as holding the 

account. In the case of a Cash Value Insurance Contract or an Annuity Contract, 

the Account Holder is any person entitled to access the Cash Value or change the 

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beneficiary of the contract. If no person can access the Cash Value or change the 

beneficiary, the Account Holders are any person named as the owner in the 

contract and any person with a vested entitlement to payment under the terms of 

the contract. Upon the maturity of a Cash Value Insurance Contract or an Annuity 

Contract, each person entitled to receive a payment under the contract is treated as 

an Account Holder. 

ft) The term "U.S. Person" means a U.S. citizen or resident individual, a partnership 

or corporation organized in the United States or under the laws of the United 

States or any State thereof, a trust if (i) a court within the United States would 

have authority under applicable law to render orders or judgments concerning 

substantially all issues regarding administration of the trust, and (ii) one or more 

U.S. persons have the authority to control all substantial decisions of the trust, or 

an estate of a decedent that is a citizen or resident of the United States. This 

subparagraph 1(ft) shall be interpreted in accordance with the U.S. Internal 

Revenue Code. 

gg) The term "Specified U.S. Person" means a U.S. Person, other than: (i) a 

corporation the stock of which is regularly traded on one or more established 

securities markets; (ii) any corporation that is a member of the same expanded 

affiliated group, as defined in section 1471(e)(2) of the U.S. Internal Revenue 

Code, as a corporation described in clause (i); (iii) the United States or any wholly 

owned agency or instrumentality thereof; (iv) any State of the United States, any 

U.S. Territory, any political subdivision of any of the foregoing, or any wholly 

owned agency or instrumentality of any one or more of the foregoing; (v) any 

organization exempt from taxation under section 501(a) or an individual 

retirement plan as defined in section 7701(a)(37) of the U.S. Internal Revenue 

Code; (vi) any bank as defined in section 581 ofthe U.S. Internal Revenue Code; 

(vii) any real estate investment trust as defined in section 856 of the U.S. Internal 

Revenue Code; (viii) any regulated investment company as defined in section 851 

of the U.S. Internal Revenue Code or any entity registered with the Securities 

Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. 

80a-64); (ix) any common trust fund as defined in section 584(a) of the U.S. 

Internal Revenue Code; (x) any trust that is exempt from tax under section 664(c) 

of the U.S. Internal Revenue Code or that is described in section 4947(a)(l) of the 

U.S. Internal Revenue Code; (xi) a dealer in securities, commodities, or derivative 

financial instruments (including notional principal contracts, futures, forwards, 

and options) that is registered as such under the laws of the United States or any 

State; or (xii) a broker as defined in section 6045(c) of the U.S. Internal Revenue 

Code. 

hh) The term "Entity" means a legal person or a legal arrangement such as a trust. 

ii) The term "Non-U.S. Entity" means an Entity that is not a U.S. Person. 

jj) The term "U.S. Source Withholdable Payment" means any payment of interest 

(including any original issue discount), dividends, rents, salaries, wages, 

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premiums, annuities, compensations, remunerations, emoluments, and other fixed 

or determinable annual or periodical gains, profits, and income, if such payment is 

from sources within the United States. Notwithstanding the foregoing, a U.S. 

Source Withholdable Payment does not include any payment that is not treated as 

a withholdable payment in relevant U.S. Treasury Regulations. 

kk) An Entity is a "Related Entity" of another Entity if either Entity controls the 

other Entity, or the two Entities are under common control. For this purpose 

control includes direct or indirect ownership of more than 50 percent of the vote 

or value in an Entity. Notwithstanding the foregoing, Norway may treat an Entity 

as not a Related Entity of another Entity if the two Entities are not members of the 

same expanded affiliated group as defined in section 1471(e)(2) of the U.S. 

Internal Revenue Code. 

ll) The term "U.S. TIN" means a U.S. federal taxpayer identifying number. 

mm) The term "Norwegian TIN" means a Norwegian personal identification number 

or organization number. 

nn) The term "Controlling Persons" means the natural persons who exercise control 

over an entity. In the case of a trust, such term means the settlor, the trustees, the 

protector (if any), the beneficiaries or class of beneficiaries, and any other natural 

person exercising ultimate effective control over the trust, and in the case of a 

legal arrangement other than a trust, such term means persons in equivalent or 

similar positions. The term "Controlling Persons" shall be interpreted in a 

manner consistent with the Recommendations of the Financial Action Task Force. 

2. Any term not otherwise defined in this Agreement shall, unless the context otherwise 

requires or the Competent Authorities agree to a common meaning (as permitted by domestic 

law), have the meaning that it has at that time under the law of the Party applying the Agreement, 

any meaning under the applicable tax laws of that Party prevailing over a meaning given to the 

term under other laws of that Party. 

Article 2 

Obligations to Obtain and Exchange Information with Respect to Reportable Accounts 

1. Subject to the provisions of Article 3, each Party shall obtain the information specified in 

paragraph 2 of this Article with respect to all Reportable Accounts and shall annually exchange 

this information with the other Party on an automatic basis pursuant to the provisions of Article 

28 of the Convention. 

2. The information to be obtained and exchanged is: 

a) In the case of Norway with respect to each U.S. Reportable Account of each 

Reporting Norwegian Financial Institution: 

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(1) the name, address, and U.S. TIN of each Specified U.S. Person that is an 

Account Holder of such account and, in the case of aNon-U.S. Entity that, 

after application of the due diligence procedures set forth in Annex I, is 

identified as having one or more Controlling Persons that is a Specified 

U.S. Person, the name, address, and U.S. TIN (if any) of such entity and 

each such Specified U.S. Person; 

(2) the account number (or functional equivalent in the absence of an account 

number); 

(3) the name and identifying number of the Reporting Norwegian Financial 

Institution; 

( 4) the account balance or value (including, in the case of a Cash Value 

Insurance Contract or Annuity Contract, the Cash Value or surrender 

value) as of the end of the relevant calendar year or other appropriate 

reporting period or, if the account was closed during such year, 

immediately before closure; 

( 5) in the case of any Custodial Account: 

(A) the total gross amount of interest, the total gross amount of 

dividends, and the total gross amount of other income generated 

with respect to the assets held in the account, in each case paid or 

credited to the account (or with respect to the account) during the 

calendar year or other appropriate reporting period; and 

(B) the total gross proceeds from the sale or redemption of property 

paid or credited to the account during the calendar year or other 

appropriate reporting period with respect to which the Reporting 

Norwegian Financial Institution acted as a custodian, broker, 

nominee, or otherwise as an agent for the Account Holder; 

( 6) in the case of any Depository Account, the total gross amount of interest 

paid or credited to the account during the calendar year or other 

appropriate reporting period; and 

(7) in the case of any account not described in subparagraph (5) or (6) of this 

paragraph, the total gross amount paid or credited to the Account Holder 

with respect to the account during the calendar year or other appropriate 

reporting period with respect to which the Reporting Norwegian Financial 

Institution is the obligor or debtor, including the aggregate amount of any 

redemption payments made to the Account Holder during the calendar 

year or other appropriate reporting period. 

b) In the case ofthe United States, with respect to each Norwegian Reportable 

Account of each Reporting U.S. Financial Institution: 

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( 1) the name, address, and Norwegian TIN of any person that is a resident of 

Norway and is an Account Holder ofthe account; 

(2) the account number (or the functional equivalent in the absence of an 

account number); 

(3) the name and identifying number of the Reporting U.S. Financial 

Institution; 

(4) the gross amount of interest paid on a Depository Account; 

(5) the gross amount ofU.S. source dividends paid or credited to the account; 

and 

(6) the gross amount of other U.S. source income paid or credited to the 

account, to the extent subject to reporting under chapter 3 or 61 of subtitle 

A of the U.S. Internal Revenue Code. 

Article 3 

Time and Manner of Exchange of Information 

1. For purposes ofthe exchange obligation in Article 2, the amount and characterization of 

payments made with respect to a U.S. Reportable Account may be determined in accordance 

with the principles of the tax laws ofNorway, and the amount and characterization of payments 

made with respect to a Norwegian Reportable Account may be determined in accordance with 

principles of U.S. federal income tax law. 

2. For purposes of the exchange obligation in Article 2, the information exchanged shall 

identify the currency in which each relevant amount is denominated. 

3. With respect to paragraph 2 of Article 2, information is to be obtained and exchanged 

with respect to 2013 and all subsequent years, except that: 

a) In the case ofNorway: 

(1) the information to be obtained and exchanged with respect to 2013 and 

2014 is only the information described in subparagraphs (a)(1) to (a)(4); 

(2) the information to be obtained and exchanged with respect to 2015 is the 

information described in subparagraphs (a)(1) to (a)(7), except for gross 

proceeds described in subparagraph (a)(5)(B); and 

(3) the information to be obtained and exchanged with respect to 2016 and 

subsequent years is the information described in subparagraph (a)(1) to 

(a)(7); 

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b) In the case ofthe United States, the information to be obtained and exchanged 

with respect to 2013 and subsequent years is all of the information identified in 

subparagraph (b). 

4. Notwithstanding paragraph 3 of this Article, with respect to each Reportable Account that 

is a Preexisting Account, and subject to paragraph 4 of Article 6, the Parties are not required to 

obtain and include in the exchanged information the Norwegian TIN or the U.S. TIN, as 

applicable, of any relevant person if such taxpayer identifying number is not in the records of the 

Reporting Financial Institution. In such case, the Parties shall obtain and include in the 

exchanged information the date of birth of the relevant person, if the Reporting Financial 

Institution has such date of birth in its records. 

5. Subject to paragraphs 3 and 4 of this Article, the information described in Article 2 shall 

be exchanged within nine months after the end of the calendar year to which the information 

relates. Notwithstanding the foregoing, the information that relates to calendar year 2013 shall 

be exchanged no later than September 30, 2015. 

6. The Competent Authorities of Norway and the United States shall enter into an 

agreement under the mutual agreement procedure provided for in Article 27 of the Convention, 

which shall: 

a) establish the procedures for the automatic exchange obligations described in 

Article 2; 

b) prescribe rules and procedures as may be necessary to implement Article 5; and 

c) establish as necessary procedures for the exchange of the information reported 

under subparagraph l(b) of Article 4. 

7. All information exchanged shall be subject to the confidentiality and other protections 

provided for in the Convention, including the provisions limiting the use of the information 

exchanged. 

Article 4 

Application ofFATCA to Norwegian Financial Institutions 

1. Treatment of Reporting Norwegian Financial Institutions. Each Reporting 

Norwegian Financial Institution shall be treated as complying with, and not subject to 

withholding under, section 1471 of the U.S. Internal Revenue Code ifNorway complies with its 

obligations under Articles 2 and 3 with respect to such Reporting Norwegian Financial 

Institution, and the Reporting Norwegian Financial Institution: 

a) identifies U.S. Reportable Accounts and reports annually to the Norwegian 

Competent Authority the information required to be reported in subparagraph 2(a) 

of Article 2 in the time and manner described in Article 3; 

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b) 

c) 

d) 

e) 

for each of2015 and 2016, reports annually to the Norwegian Competent 

Authority the name of each Nonparticipating Financial Institution to which it has 

made payments and the aggregate amount of such payments; 

complies with the registration requirements applicable to Financial Institutions in 

Partner Jurisdictions; 

to the extent that a Reporting Norwegian Financial Institution is (i) acting as a 

qualified intermediary (for purposes of section 1441 of the U.S. Internal Revenue 

Code) that has elected to assume primary withholding responsibility under chapter 

3 of subtitle A ofthe U.S. Internal Revenue Code, (ii) a foreign partnership that 

has elected to act as a withholding foreign partnership (for purposes of both 

sections 1441 and 1471 of the U.S. Internal Revenue Code), or (iii) a foreign trust 

that has elected to act as a withholding foreign trust (for purposes of both sections 

1441 and 1471 ofthe U.S. Internal Revenue Code), withholds 30 percent of any 

U.S. Source Withholdable Payment to any Nonparticipating Financial Institution; 

and 

in the case of a Reporting Norwegian Financial Institution that is not described in 

subparagraph (d) of this paragraph and that makes a payment of, or acts as an 

intermediary with respect to, a U.S. Source Withholdable Payment to any 

Nonparticipating Financial Institution, the Reporting Norwegian Financial 

Institution provides to any immediate payor of such U.S. Source Withholdable 

Payment the information required for withholding and reporting to occur with 

respect to such payment. 

Notwithstanding the foregoing, a Reporting Norwegian Financial Institution with respect to 

which the conditions of this paragraph are not satisfied shall not be subject to withholding under 

section 1471 ofthe U.S. Internal Revenue Code unless such Reporting Norwegian Financial 

Institution is identified by the IRS as a Nonparticipating Financial Institution pursuant to 

subparagraph 2(b) of Article 5. 

2. Suspension of Rules Relating to Recalcitrant Accounts. The United States shall not 

require a Reporting Norwegian Financial Institution to withhold tax under section 1471 or 1472 

of the U.S. Internal Revenue Code with respect to an account held by a recalcitrant account 

holder (as defined in section 1471(d)(6) of the U.S. Internal Revenue Code), or to close such 

account, ifthe U.S. Competent Authority receives the information set forth in subparagraph 2(a) 

of Article 2, subject to the provisions of Article 3, with respect to such account. 

3. Specific Treatment of Retirement Plans. The United States shall treat as a deemedcompliant FFI or exempt beneficial owner, as appropriate, for purposes of section 1471 ofthe 

U.S. Internal Revenue Code Norwegian retirement plans described and identified in Annex II. 

For this purpose, a Norwegian retirement plan includes an entity established or located in and 

regulated in Norway, or a predetermined contractual or legal arrangement, operated to provide 

pension or retirement benefits or earn income for providing such benefits under the laws of 

Norway and regulated with respect to contributions, distributions, reporting, sponsorship, and 

taxation. 

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4. Identification and Treatment of Other Deemed-Compliant FFis and Exempt 

Beneficial Owners. The United States shall treat each Non-Reporting Norwegian Financial 

Institution as a deemed-compliant FFI or as an exempt beneficial owner, as appropriate, for 

purposes of section 1471 ofthe U.S. Internal Revenue Code. 

5. Special Rules Regarding Related Entities That Are Nonparticipating Financial 

Institutions. If a Norwegian Financial Institution, that otherwise meets the requirements of 

paragraph 1 of this Article or is described in paragraph 3 or 4 of this Article, has a Related Entity 

or branch that operates in a jurisdiction that prevents such Related Entity or branch from 

fulfilling the requirements of a participating FFI or deemed-compliant FFI for purposes of 

section 1471 of the U.S. Internal Revenue Code, such Norwegian Financial Institution shall 

continue to be in compliance with the terms of this Agreement and shall continue to be treated as 

a deemed-compliant FFI or exempt beneficial owner for purposes of section 1471 of the U.S. 

Internal Revenue Code, provided that: 

a) the Norwegian Financial Institution treats each such Related Entity or branch as a 

separate Nonparticipating Financial Institution for purposes of all the reporting 

and withholding requirements of this Agreement and each such Related Entity or 

branch identifies itself to withholding agents as a Nonparticipating Financial 

Institution; 

b) each such Related Entity or branch identifies its U.S. accounts and reports the 

information with respect to those accounts as required under section 14 71 of the 

U.S. Internal Revenue Code to the extent permitted under the relevant laws 

pertaining to the Related Entity or branch; and 

c) such Related Entity or branch does not specifically solicit U.S. accounts held by 

persons that are not resident in the jurisdiction where such Related Entity or 

branch is located or accounts held by Nonparticipating Financial Institutions that 

are not established in the jurisdiction where such branch or Related Entity is 

located, and such branch or Related Entity is not used by the Norwegian Financial 

Institution or any other Related Entity to circumvent the obligations under this 

Agreement or under section 1471 of the U.S. Internal Revenue Code, as 

appropriate. 

6. Coordination of Timing. Notwithstanding paragraphs 3 and 5 of Article 3: 

a) Norway shall not be obligated to obtain and exchange information with respect to a 

calendar year that is prior to the calendar year with respect to which similar information is 

required to be reported to the IRS by participating FFis pursuant to relevant U.S. Treasury 

regulations; 

b) Norway shall not be obligated to begin exchanging information prior to the date by which 

participating FFis are required to report similar information to the IRS under relevant U.S. 

Treasury regulations; 

13 
c) the United States shall not be obligated to obtain and exchange information with respect 

to a calendar year that is prior to the first calendar year with respect to which Norway is required 

to obtain and exchange information; and 

d) the United States shall not be obligated to begin exchanging information prior to the date 

by which Norway is required to begin exchanging information. 

7. Coordination of Definitions with U.S. Treasury Regulations. Notwithstanding Article 

1 and the definitions provided in the Annexes to this Agreement, in implementing this 

Agreement Norway may use, and may permit Norwegian Financial Institutions to use, a 

definition in relevant U.S. Treasury Regulations in lieu of a corresponding definition in this 

Agreement, provided that such application would not frustrate the purposes of this Agreement. 

Article 5 

Collaboration on Compliance and Enforcement 

1. Minor and Administrative Errors. Subject to any further terms set forth in a competent 

authority agreement executed pursuant to paragraph 6 of Article 3, a Competent Authority can 

make an inquiry directly to a Reporting Financial Institution in the other jurisdiction where it has 

reason to believe that administrative errors or other minor errors may have led to incorrect or 

incomplete information reporting or resulted in other infringements of this Agreement. The 

competent authority agreement may provide that a Competent Authority shall notify the 

Competent Authority of the other Party when the first-mentioned Competent Authority makes 

such an inquiry of a Reporting Financial Institution in the other jurisdiction regarding the 

Reporting Financial Institution's compliance with the conditions set forth in this Agreement. 

2. Significant Non-compliance. 

a) A Competent Authority shall notify the Competent Authority of the other Party 

when the first-mentioned Competent Authority has determined that there is 

significant non-compliance with the obligations under this Agreement with 

respect to a Reporting Financial Institution in the other jurisdiction. The 

Competent Authority of such other Party shall apply its domestic law (including 

applicable penalties) to address the significant non-compliance described in the 

notice. 

b) If, in the case of a Reporting Norwegian Financial Institution, such enforcement 

actions do not resolve the non-compliance within a period of 18 months after 

notification of significant non-compliance is first provided, the United States shall 

treat the Reporting Norwegian Financial Institution as a Nonparticipating 

Financial Institution. The IRS shall make available a list of all Reporting 

Norwegian Financial Institutions and other Partner Jurisdiction Financial 

Institutions that are treated as Nonparticipating Financial Institutions pursuant to 

this paragraph. 

14 
3. Reliance on Third Party Service Providers. Each Party may allow Reporting Financial 

Institutions to use third party service providers to fulfill the obligations imposed on them by a 

Party, as contemplated in this Agreement, but these obligations shall remain the responsibility of 

the Reporting Financial Institutions. 

4. Prevention of Avoidance. The Parties shall implement as necessary requirements to 

prevent Financial Institutions from adopting practices intended to circumvent the reporting 

required under this Agreement. 

Article 6 

Mutual Commitment to Continue to Enhance the Effectiveness of Information Exchange 

and Transparency 

1. Reciprocity. The Government of the United States acknowledges the need to achieve 

equivalent levels of reciprocal automatic information exchange with Norway. The Government 

of the United States is committed to further improve transparency and enhance the exchange 

relationship with Norway by pursuing the adoption of regulations and advocating and supporting 

relevant legislation to achieve such equivalent levels of reciprocal automatic exchange. 

2. Treatment of Passthru Payments and Gross Proceeds. The Parties are committed to 

work together, along with other partners, to develop a practical and effective alternative approach 

to achieve the policy objectives of foreign passthru payment and gross proceeds withholding that 

minimizes burden. 

3. Development of Common Reporting and Exchange Model. The Parties are committed 

to working with other partners and the Organisation for Economic Co-operation and 

Development on adapting the terms of this Agreement to a common model for automatic 

exchange of information, including the development of reporting and due diligence standards for 

financial institutions. 

4. Documentation of Accounts Maintained as of January 1, 2014. With respect to 

Reportable Accounts that are Preexisting Accounts maintained by a Reporting Financial 

Institution: 

a) The United States commits to establish, by January 1, 2017, for reporting with 

respect to 2017 and subsequent years, rules requiring Reporting U.S. Financial 

Institutions to obtain and report the Norwegian TIN of each Account Holder of a 

Norwegian Reportable Account as required pursuant to subparagraph 2(b)(l) of 

Article 2; and 

b) Norway commits to establish, by January 1, 2017, for reporting with respect to 

2017 and subsequent years, rules requiring Reporting Norwegian Financial 

Institutions to obtain the U.S. TIN of each Specified U.S. Person as required 

pursuant to subparagraph 2(a)(l) of Article 2. 

15 
Article 7 

Consistency in the Application ofF ATCA to Partner Jurisdictions 

1. Norway shall be granted the benefit of any more favorable terms under Article 4 or Annex I 

of this Agreement relating to the application ofFATCA to Norwegian Financial Institutions 

afforded to another Partner Jurisdiction under a signed bilateral agreement pursuant to which the 

other Partner Jurisdiction commits to undertake the same obligations as Norway described in 

Articles 2 and 3 of this Agreement, and subject to the same terms and conditions as described 

therein and in Articles 5 through 9 of the Agreement. 

2. The United States shall notify Norway of any such more favorable terms and shall apply 

such more favorable terms automatically under this Agreement as if they were specified in this 

Agreement and effective as of the date of the entry into force of the agreement incorporating the 

more favorable terms. 

Article 8 

Consultations and Amendments 

1. In case any difficulties in the implementation of this Agreement arise, either Party may 

request consultations to develop appropriate measures to ensure the fulfillment of this 

Agreement. 

2. This Agreement may be amended by written mutual consent of the Parties. Unless otherwise 

agreed upon, such an amendment shall enter into force[ on the date of signature by both Parties. 

Article 9 

Annexes 

The Annexes form an integral part of this Agreement. 

Article 10 

Term of Agreement 

1. The Parties shall notify each other in writing when their necessary internal procedures for 

entry into force have been completed. The Agreement shall enter into force on the date of the 

later of such written notifications, and shall continue in force until terminated. 

2. Either Party may terminate the Agreement by giving notice of termination in writing to 

the other Party. Such termination shall become effective on the first day of the month following 

the expiration of a period of 12 months after the date of the notice of termination. 

3. The Parties shall, prior to December 31, 2016, consult in good faith to amend this 

Agreement as necessary to reflect progress on the commitments set forth in Article 6. 

16 
In witness whereof, the undersigned, being duly authorized thereto by their respective 

Governments, have signed this Agreement. 

Done at Oslo, in duplicate, in the English and Norwegian languages, both texts being equally 

authentic, this 15th day of April, 2013. 

FOR THE GOVERNMENT OF 

THE UNITED STATES OF AMERICA: 

FOR THE GOVERNMENT OF THE 

KINGDOM OF NORWAY: 

17 
ANNEX I 

DUE DILIGENCE OBLIGATIONS FOR IDENTIFYING AND REPORTING ON U.S. 

REPORTABLE ACCOUNTS AND ON PAYMENTS TO CERTAIN 

NONPARTICIPATING FINANCIAL INSTITUTIONS 

I. General 

A. Norway shall require that Reporting Norwegian Financial Institutions apply 

the due diligence procedures contained in this Annex I to identify U.S. Reportable 

Accounts and accounts held by Nonparticipating Financial Institutions. 

B. For purposes of the Agreement, 

1. All dollar amounts shall be read to include the equivalent in other 

currencies. 

2. The balance or value of an account shall be determined as ofthe last 

day of the calendar year or other appropriate reporting period. 

3. Where a balance or value threshold is to be determined as of the last 

day of a calendar year under this Annex I, the relevant balance or value shall 

be determined as of the last day of the reporting period that ends with or 

within that calendar year. 

4. Subject to paragraph II.E (1), an account shall be treated as a U.S. 

Reportable Account beginning as of the date it is identified as such pursuant to 

the due diligence procedures in this Annex I. 

5. Unless otherwise provided, information with respect to a U.S. 

Reportable Account shall be reported annually in the calendar year following 

the year to which the information relates. 

C. As an alternative to the procedures described in each section of this Annex I, 

Norway may allow its Reporting Norwegian Financial Institutions to rely on the 

procedures described in relevant U.S. Treasury Regulations to establish whether an 

account is a U.S. Reportable Account or an account held by a Nonparticipating 

Financial Institution. 

II. Preexisting Individual Accounts. The following rules and procedures apply for 

identifying U.S. Reportable Accounts among Preexisting Accounts held by individuals 

("Preexisting Individual Accounts"). 

A. Accounts Not Required to Be Reviewed, Identified, or Reported. Unless 

the Reporting Norwegian Financial Institution elects otherwise, where the 

implementing rules in Norway provide for such an election, the following 

accounts are not required to be reviewed, identified, or reported as U.S. 

Reportable Accounts: 

18 
1. Subject to subparagraph E (2) ofthis section, Preexisting Individual 

Accounts with a balance or value that does not exceed $50,000 as of 

December 31, 2013. 

2. Subject to subparagraph E (2) of this section, Preexisting Individual 

Accounts that are Cash Value Insurance Contracts and Annuity Contracts with 

a balance or value of$250,000 or less as of December 31, 2013. 

3. Preexisting Individual Accounts that are Cash Value Insurance 

Contracts or Annuity Contracts, provided the law or regulations ofNorway or 

the United States effectively prevents the sale of Cash Value Insurance 

Contracts or Annuity Contracts to U.S. residents, such as if the relevant 

Financial Institution does not have the required registration under U.S. law, 

and the law ofNorway requires reporting or withholding with respect to 

insurance products held by residents ofNorway. 

4. Any Depository Account with a balance or value of$50,000 or less. 

B. Review Procedures for Preexisting Individual Accounts With a Balance or 

Value as of December 31, 2013, that Exceeds $50,000 ($250,000 for a Cash 

Value Insurance Contract or Annuity Contract), But Does Not Exceed 

$1,000,000 ("Lower Value Accounts") 

1. Electronic Record Search. The Reporting Norwegian Financial 

Institution must review electronically searchable data maintained by the 

Reporting Norwegian Financial Institution for any of the following U.S. 

indicia: 

a) Identification of the Account Holder as a U.S. citizen or 

resident; 

b) Unambiguous indication of a U.S. place of birth; 

c) Current U.S. mailing or residence address (including a U.S. 

post office box or U.S. "in-care-of' address); 

d) Current U.S. telephone number; 

e) Standing instructions to transfer funds to an account maintained 

in the United States; 

f) Currently effective power of attorney or signatory authority 

granted to a person with a U.S. address; or 

g) An "in-care-of' or "hold mail" address that is the sole address 

the Reporting Norwegian Financial Institution has on file for the 

Account Holder. In the case of a Preexisting Individual Account that is 

a Lower Value Account, an "in-care-of' address outside the United 

States shall not be treated as U.S. indicia. 

19 
2. If none ofthe U.S. indicia listed in subparagraph B (1) ofthis section 

are discovered in the electronic search, then no further action is required until 

there is a change in circumstances described in subparagraph C (2) of this 

section with respect to the account that results in one or more U.S. indicia 

being associated with the account. 

3. If any ofthe U.S. indicia in subparagraph B (1) ofthis section are 

discovered in the electronic search, then the Reporting Norwegian Financial 

Institution must treat the account as a U.S. Reportable Account unless it elects 

to apply subparagraph B (4) ofthis section and one ofthe exceptions in such 

subparagraph applies with respect to that account. 

4. Notwithstanding a finding of U.S. indicia under subparagraph B (1) of 

this section, a Reporting Norwegian Financial Institution is not required to 

treat an account as a U.S. Reportable Account if: 

a) Where Account Holder information unambiguously indicates 

a U.S. place of birth, the Reporting Norwegian Financial Institution 

obtains or has previously reviewed and maintains a record of: 

( 1) a self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be 

on an IRS Form W-8 or other similar agreed form); 

(2) a non-U.S. passport or other government-issued 

identification evidencing the Account Holder's citizenship or 

nationality in a country other than the United States; and 

(3) a copy of the Account Holder's Certificate of Loss of 

Nationality of the United States or a reasonable explanation of: 

(a) the reason the Account Holder does not have 

such a certificate despite renouncing U.S. citizenship; 

or 

(b) the reason the Account Holder did not obtain 

U.S. citizenship at birth. 

b) Where Account Holder information contains a current U.S. 

mailing or residence address, or one or more U.S. telephone numbers 

that are the only telephone numbers associated with the account, the 

Reporting Norwegian Financial Institution obtains or has previously 

reviewed and maintains a record of: 

(1) a self-certification that the Account Holder is not a U.S. 

citizen or resident for tax purposes (which may be on an IRS 

Form W-8 or other similar agreed form); and 

20 
(2) a non-U.S. passport or other government-issued 

identification evidencing the Account Holder's citizenship or 

nationality in a country other than the United States. 

c) Where Account Holder information contains standing 

instructions to transfer funds to an account maintained in the United 

States, the Reporting Norwegian Financial Institution obtains or has 

previously reviewed and maintains a record of: 

(1) a self-certification that the Account Holder is not a U.S. 

citizen or resident for tax purposes (which may be on an IRS 

Form W-8 or other similar agreed form); and 

(2) documentary evidence, as defined in paragraph VI.D of 

this Annex I, establishing the Account Holder's non-U.S. status. 

d) Where Account Holder information contains a currently 

effective power of attorney or signatory authority granted to a person 

with a U.S. address, has an "in care of' address or "hold mail" 

address that is the sole address identified for the account holder, or 

has one or more U.S. telephone numbers (if a non-U.S. telephone 

number is also associated with the account), the Reporting Norwegian 

Financial Institution obtains or has previously reviewed and maintains 

a record of: 

(1) a self-certification that the Account Holder is not a U.S. 

citizen or resident for tax purposes (which may be on an IRS 

Form W-8 or other similar agreed form); or 

(2) documentary evidence, as defined in paragraph VI.D of 

this Annex I, establishing the Account Holder's non-U.S. status. 

C. Additional Procedures Applicable to Preexisting Individual Accounts 

That Are Lower Value Accounts 

1. Review of Preexisting Individual Accounts that are Lower Value 

Accounts for U.S. indicia must be completed by December 31, 2015. 

2. If there is a change of circumstances with respect to a Preexisting 

Individual Account that is a Lower Value Account that results in one or more 

U.S. indicia described in subparagraph B (1) ofthis section being associated 

with the account, then Reporting Norwegian Financial Institution must treat 

the account as a U.S. Reportable Account unless subparagraph B (4) ofthis 

section applies. 

3. Except for Depository Accounts described in subparagraph A ( 4) of 

this section, any Preexisting Individual Account that has been identified as a 

U.S. Reportable Account under this section shall be treated as a U.S. 

Reportable Account in all subsequent years, unless the account holder ceases 

to be a Specified U.S. Person. 

21 
D. Enhanced Review Procedures for Preexisting Individual Accounts With a 

Balance or Value That Exceeds $1,000,000 as of December 31,2013, or December 

31 of Any Subsequent Year ("High-Value Accounts") 

1. Electronic Record Search. The Reporting Norwegian Financial 

Institution must review electronically searchable data maintained by the 

Reporting Norwegian Financial Institution for any of the U.S. indicia 

identified in subparagraph B ( 1) of this section. 

2. Paper Record Search. If the Reporting Norwegian Financial 

Institution's electronically searchable databases include fields for and capture 

all of the information identified in subparagraph D (3) of this section, then no 

further paper record search is required. If the electronic databases do not 

capture all of this information, then with respect to High Value Accounts, the 

Reporting Norwegian Financial Institution must also review the current 

customer master file and, to the extent not contained in the current customer 

master file, the following documents associated with the account and obtained 

by the Reporting Norwegian Financial Institution within the last five years for 

any of the U.S. indicia identified in subparagraph B (1) of this section: 

a) the most recent documentary evidence collected with respect to 

the account; 

b) the most recent account opening contract or documentation; 

c) the most recent documentation obtained by the Reporting 

Norwegian Financial Institution pursuant to AML/KYC Procedures or 

for other regulatory purposes; 

d) any power of attorney or signature authority forms currently in 

effect; and 

e) any standing instructions to transfer funds currently in effect. 

3. Exception Where Databases Contain Sufficient Information. A 

Reporting Norwegian Financial Institution is not required to perform the paper 

record search described in subparagraph D (2) of this section if the Reporting 

Norwegian Financial Institution's electronically searchable information 

includes the following: 

a) the Account Holder's nationality or residence status; 

b) the Account Holder's residence address and mailing address 

currently on file with the Reporting Norwegian Financial Institution; 

c) the Account Holder's telephone number(s) currently on file, if 

any, with the Reporting Norwegian Financial Institution; 

22 
d) whether there are standing instructions to transfer funds in the 

account to another account (including an account at another branch of 

the Reporting Norwegian Financial Institution or another Financial 

Institution); 

e) whether there is a current "in care of' address or "hold mail" 

address for the Account Holder; and 

f) whether there is any power of attorney or signatory authority 

for the account. 

4. Relationship Manager Inquiry for Actual Knowledge. In addition 

to the electronic and paper record searches described above, the Reporting 

Norwegian Financial Institution must treat as u:s. Reportable Accounts any 

High Value Accounts assigned to a relationship manager (including any 

accounts aggregated with such account) ifthe relationship manager has actual 

knowledge that the Account Holder is a Specified U.S. Person. 

5. Effect of Finding U.S. Indicia 

a) If none ofthe U.S. indicia listed in subparagraph B (1) ofthis 

section are discovered in the enhanced review of High Value Accounts 

described above, and the account is not identified as held by a 

Specified U.S. Person in subparagraph D (4) ofthis section, then no 

further action is required until there is a change in circumstances 

described in subparagraph E ( 4) of this section. 

b) If any ofthe U.S. indicia listed in subparagraph B (1) ofthis 

section are discovered in the enhanced review of High Value Accounts 

described above, or if there is a subsequent change in circumstances 

that results in one or more U.S. indicia being associated with the 

account, then the Reporting Norwegian Financial Institution must treat 

the account as a U.S. Reportable Account unless subparagraph B (4) of 

this section applies. 

c) Except for Depository Accounts described in paragraph A (4) of 

this section, any Preexisting Individual Account that has been 

identified as a U.S. Reportable Account under this section shall be 

treated as a U.S. Reportable Account in all subsequent years, unless the 

Account Holder ceases to be a Specified U.S. Person. 

E. Additional Procedures Applicable to High Value Accounts 

1. If a Preexisting Individual Account is a High Value Account as of 

December 31, 2013, the Reporting Norwegian Financial Institution must 

complete the enhanced review procedures described in paragraph D of this 

section with respect to such account by December 31, 2014. If based on this 

review such account is identified as a U.S. Reportable Account, the Reporting 

Norwegian Financial Institution must report the required information about 

such account with respect to 2013 and 2014 in the first report on the Account. 

23 
For all subsequent years, information about the account should be reported on 

an annual basis. 

2. If a Preexisting Individual Account is not a High Value Account as of 

December 31, 2013, but becomes a High Value Account as of the last day of a 

subsequent calendar year, the Reporting Norwegian Financial Institution must 

complete the enhanced review procedures described in paragraph D of this 

section with respect to such account within six months after the last day of the 

calendar year in which the account becomes a High Value Account. If based 

on this review such account is identified as a U.S. Reportable Account, the 

Reporting Norwegian Financial Institution must report the required 

information about such account with respect to the year in which it is 

identified as aU .S. Reportable Account and subsequent years on an annual 

basis. 

3. Once a Reporting Norwegian Financial Institution applies the 

enhanced review procedures set forth above to a High Value Account, the 

Reporting Norwegian Financial Institution shall not be required to re-apply 

such procedures, other than the relationship manager inquiry in subparagraph 

D (4) of this section, to the same High Value Account in any subsequent year. 

4. If there is a change of circumstances with respect to a High Value 

Account that results in one or more U.S. indicia described in subparagraph B 

(1) ofthis section being associated with the account, then the Reporting 

Norwegian Financial Institution must treat the account as a U.S. Reportable 

Account unless subparagraph B (4) ofthis section applies. 

5. A Reporting Norwegian Financial Institution must implement 

procedures to ensure that a relationship manager identifies any change in 

circumstances of an account. For example, if a relationship manager is 

notified that the Account Holder has a new mailing address in the United 

States, the Reporting Norwegian Financial Institution shall be required to treat 

the new address as a change in circumstances and shall be required to obtain 

the appropriate documentation from the Account Holder. 

III. New Individual Accounts. The following rules and procedures apply for identifying 

U.S. Reportable Accounts among accounts held by individuals and opened on or after 

January 1, 2014 ("New Individual Accounts"). 

A. Accounts Not Required to Be Reviewed, Identified or Reported. Unless 

the Reporting Norwegian Financial Institution elects otherwise where the 

implementing rules in Norway provide for such an election: 

1. A New Individual Account that is a Depository Account is not required 

to be reviewed, identified, or reported as a U.S. Reportable Account unless the 

account balance exceeds $50,000 at the end of any calendar year or other 

appropriate reporting period. 

2. A New Individual Account that is a Cash Value Insurance Contract is 

not required to be reviewed, identified, or reported as a U.S. Reportable 

24 
Account unless the Cash Value exceeds $50,000 at the end of any calendar 

year or other appropriate reporting period. 

B. Other New Individual Accounts. With respect to New Individual Accounts 

not described in paragraph A of this section, upon account opening, (or within 90 days 

after the end of the calendar year in which the account ceases to be described in 

paragraph A of this section), the Reporting Norwegian Financial Institution must 

obtain a self-certification which may be part of the account opening documentation, 

that allows the Reporting Norwegian Financial Institution to determine whether the 

Account Holder is resident in the United States for tax purposes (for this purpose, a 

U.S. citizen is considered to be resident in the United States for tax purposes, even if 

the Account Holder is also a tax resident of another country) and confirm the 

reasonableness of such self-certification based on the information obtained by the 

Reporting Norwegian Financial Institution in connection with the opening of the 

account, including any documentation collected pursuant to AML/KYC Procedures. 

C. If the self-certification establishes that the Account Holder is resident in the 

United States for tax purposes, the Reporting Norwegian Financial Institution must 

treat the account as a U.S. Reportable Account and obtain a self-certification that 

includes the Account Holder's U.S. TIN (which may be an IRS Form W-9 or other 

similar agreed form). 

D. If there is a change of circumstances with respect to a New Individual Account 

that causes the Reporting Norwegian Financial Institution to know or have reason to 

know that the original self-certification is incorrect or unreliable, the Reporting 

Norwegian Financial Institution cannot rely on the original self-certification and must 

obtain a valid self-certification that establishes whether the Account Holder is a U.S. 

citizen or resident for U.S. tax purposes. If the Reporting Norwegian Financial 

Institution is unable to obtain a valid self-certification, the Reporting Norwegian 

Financial Institution must treat the account as a U.S. Reportable Account. 

IV. Preexistine: Entity Accounts. The following rules and procedures apply for 

purposes of identifying U.S. Reportable Accounts and accounts held by a Nonparticipating 

Financial Institutions among Preexisting Accounts held by entities ("Preexisting Entity 

Accounts"). 

A. Entity Accounts Not Required to Be Reviewed, Identified or Reported. 

Unless the Reporting Norwegian Financial Institution elects otherwise, where the 

implementing rules in Norway provide for such an election, Preexisting Entity 

Accounts with account balances that do not exceed $250,000 as of December 31, 

2013, are not required to be reviewed, identified, or reported as U.S. Reportable 

Accounts until the account balance exceeds $1,000,000. 

B. Entity Accounts Subject to Review. Preexisting Entity Accounts that have 

an account balance or value that exceeds $250,000 as of December 31, 2013, and 

Preexisting Entity Accounts that initially do not exceed $250,000 but the account 

balance of which later exceeds $1,000,000 must be reviewed in accordance with the 

procedures set forth in paragraph D ofthis section. 

25 
C. Entity Accounts With Respect to Which Reporting is Required. With 

respect to Preexisting Entity Accounts described in paragraph B of this section, only 

accounts that are held by one or more entities that are Specified U.S. Persons, or by 

Passive NFFEs with one or more Controlling Persons who are U.S. citizens or 

residents shall be treated as U.S. Reportable Accounts. In addition, accounts held by 

Nonparticipating Financial Institutions shall be treated as accounts for which 

aggregate payments as described in paragraph 1 (b) of Article 4 of the Agreement are 

reported to the Norwegian Competent Authority. 

D. Review Procedures for Identifying Entity Accounts With Respect to 

Which Reporting is Required. For Preexisting Entity Accounts described in 

paragraph B of this section, the Reporting Norwegian Financial Institution must apply 

the following review procedures to determine whether the account is held by one or 

more Specified U.S. Persons, by Passive NFFEs with one or more Controlling 

Persons who are U.S. citizens or residents, or by a Nonparticipating Financial 

Institution: 

1. Determine Whether the Entity is a Specified U.S. Person. 

a) Review information maintained for regulatory or customer 

relationship purposes (including information collected pursuant to 

AML/KYC Procedures) to determine whether the information 

indicates that the Entity Account Holder is a U.S. Person. For this 

purpose, information indicating that the entity is a U.S. Person includes 

a U.S. place of incorporation or organization, or a U.S. address. 

b) Ifthe information indicates that the Entity Account Holder is a 

U.S. Person, the Reporting Norwegian Financial Institution must treat 

the account as a U.S. Reportable Account unless it obtains a selfcertification from the Account Holder (which may be on an IRS Form 

W-8 or W-9, or a similar agreed form), or reasonably determines based 

on information in its possession or that is publicly available, that the 

Account Holder is not a Specified U.S. Person. 

2. Determine Whether a Non-U.S. Entity is a Financial Institution. 

a) Review information maintained for regulatory or customer 

relationship purposes (including information collected pursuant to 

AML/KYC Procedures) to determine whether the information 

indicates that the Entity Account Holder is a Financial Institution. 

b) Ifthe information indicates that the Entity Account Holder is a 

Financial Institution, then the account is not a U.S. Reportable 

Account. 

3. Determine Whether a Financial Institution is a Nonparticipating 

Financial Institution Payments to Which Are Subject to Aggregate 

Reporting Under Paragraph l(b) of Article 4 of the Agreement. 

26 
a) Subject to subparagraph (b) of this paragraph, if the Account 

Holder is a Norwegian Financial Institution or other Partner 

Jurisdiction Financial Institution, then no further review, identification, 

or reporting is required with respect to the account. 

b) A Norwegian Financial Institution or other Partner Jurisdiction 

Financial Institution shall be treated as a Nonparticipating Financial 

Institution if it is identified as such by the IRS pursuant to paragraph 2 

of Article 5 of the Agreement. 

c) If the Account Holder, is not a Norwegian Financial Institution 

or other Partner Jurisdiction Financial Institution, then the Reporting 

Norwegian Financial Institution must treat the entity as a 

Nonparticipating Financial Institution payments to which are 

reportable under paragraph 1 (b) of Article 4 of the Agreement, unless 

the Reporting Norwegian Financial Institution: 

(1) Obtains a self-certification (which may be on an IRS 

Form W-8 or similar agreed form) from the entity that it is a 

certified deemed-compliant FFI, an exempt beneficial owner, or 

an excepted FFI, as those terms are defined in relevant U.S. 

Treasury Regulations; or 

(2) In the case of a participating FFI or registered deemedcompliant FFI, verifies the entity's FATCA identifying number 

on a published IRS FFI list. 

4. Determine Whether an Account Held by an NFFE Is a U.S. 

Reportable Account. With respect to an Account Holder of a Preexisting 

Entity Account that is not identified as either a U.S. Person or a Financial 

Institution, the Reporting Norwegian Financial Institution must identify (i) 

whether the entity has Controlling Persons, (ii) whether the entity is a Passive 

NFFE, and (iii) whether any of the Controlling Persons of the entity is a 

citizen or resident of the United States. In making these determinations the 

Reporting Norwegian Financial Institution should follow the guidance in subparagraphs (a) through (d) of this paragraph in the order most appropriate 

under the circumstances. 

a) For purposes of determining the Controlling Persons of an 

entity, a Reporting Norwegian Financial Institution may rely on 

information collected and maintained pursuant to AML/KYC 

Procedures. 

b) For purposes of determining whether the entity is a Passive 

NFFE, the Reporting Norwegian Financial Institution must obtain a 

self-certification (which may be on an IRS Form W-8 or W-9, or on a 

similar agreed form) from the Account Holder to establish its status, 

unless it has information in its possession or that is publicly available, 

based on which it can reasonably determine that the entity is an Active 

NFFE. 

27 
c) For purposes of determining whether a Controlling Person of a 

Passive NFFE is a citizen or resident of the United States for tax 

purposes, a Reporting Norwegian Financial Institution may rely on: 

(1) Information collected and maintained pursuant to 

AML/KYC Procedures in the case of a Preexisting Entity 

Account held by one or more NFFEs with an account balance 

that does not exceed $1,000,000; or 

(2) A self-certification (which may be on an IRS Form W-8 

or W-9, or on a similar agreed form) from the Account Holder 

or such Controlling Person in the case of a Preexisting Entity 

Account held by one or more NFFEs with an account balance 

that exceeds $1,000,000. 

d) If any Controlling Person of a Passive NFFE is a citizen or 

resident of the United States, the account shall be treated as a U.S. 

Reportable Account. 

E. Timing of Review and Additional Procedures Aoplicable to Preexisting 

Entity Accounts 

1. Review of Preexisting Entity Accounts with an account balance or 

value that exceeds $250,000 as of December 31, 2013, must be completed by 

December 31,2015. 

2. Review of Preexisting Entity Accounts with a balance or value that 

does not exceed $250,000 as ofDecember 31, 2013, but exceeds $1,000,000 

as of December 31 of a subsequent year, must be completed within six months 

after the end of the calendar year in which the account balance exceeds 

$1,000,000. 

3. If there is a change of circumstances with respect to a Preexisting 

Entity Account that causes the Reporting Norwegian Financial Institution to 

know or have reason to know that the self-certification or other documentation 

associated with an account is incorrect or unreliable, the Reporting Norwegian 

Financial Institution must re-determine the status of the account in accordance 

with the procedures set forth in paragraph D of this section. 

V. New Entity Accounts. The following rules and procedures apply to accounts held 

by entities and opened on or after January 1, 2014 ("New Entity Accounts"). 

A. The Reporting Norwegian Financial Institution must determine whether the 

Account Holder is: (i) a Specified U.S. Person; (ii) a Norwegian Financial Institution 

or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemedcompliant FFI, an exempt beneficial owner, or an excepted FFI, as those terms are 

defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive 

NFFE. 

28 
B. A Reporting Norwegian Financial Institution may determine that an Account 

Holder is an Active NFFE, a Norwegian Financial Institution, or other Partner 

Jurisdiction Financial Institution if the Reporting Norwegian Financial Institution 

reasonably determines that the entity has such status on the basis of information that is 

publicly available or in the possession of the Reporting Norwegian Financial 

Institution. 

C. In all other cases, a Reporting Norwegian Financial Institution must obtain a 

self-certification from the Account Holder to establish the Account Holder's status. 

1. If the Entity Account Holder is a Specified U.S. Person, the Reporting 

Norwegian Financial Institution must treat the account as a U.S. Reportable 

Account. 

2. If the Entity Account Holder is a Passive NFFE, the Reporting 

Norwegian Financial Institution must identify the Controlling Persons as 

determined under AML/KYC Procedures, and must determine whether any 

such person is a citizen or resident of the United States on the basis of a selfcertification from the Account Holder or such person. If any such person is a 

citizen or resident ofthe United States, the account shall be treated as a U.S. 

Reportable Account. 

3. If the Entity Account Holder is: (i) a U.S. Person that is not a 

Specified U.S. Person; (ii) subject to subparagraph C (4) of this section, a 

Norwegian Financial Institution or other Partner Jurisdiction Financial 

Institution; (iii) a participating FFI, a deemed-compliant FFI, an exempt 

beneficial owner, or an excepted FFI, as those terms are defined in relevant 

U.S. Treasury Regulations; (iv) an Active NFFE; or (v) a Passive NFFE none 

of the Controlling Persons of which is a U.S. citizen or resident, then the 

account is not a U.S. Reportable Account and no reporting is required with 

respect to the account. 

4. If the Entity Account Holder is a Nonparticipating Financial Institution 

(including a Norwegian Financial Institution or other Partner Jurisdiction 

Financial Institution that is identified by the IRS as a Nonparticipating 

Financial Institution pursuant to paragraph 2 of Article 5 of the Agreement), 

then the account is not a U.S. Reportable Account, but payments to the 

Account Holder must be reported as contemplated in paragraph 1 (b) of Article 

4 of the Agreement. 

VI. Special Rules and Definitions. The following additional rules and definitions apply 

in implementing the due diligence procedures described above: 

A. Reliance on Self-Certifications and Documentary Evidence. A Reporting 

Norwegian Financial Institution may not rely on a self-certification or documentary 

evidence ifthe Reporting Norwegian Financial Institution knows or has reason to 

know that the self-certification or documentary evidence is incorrect or unreliable. 

29 
B. Definitions. The following definitions apply for purposes of this Annex I. 

1. AML/KYC Procedures. "AML/KYC Procedures" means the customer 

due diligence procedures of a Reporting Norwegian Financial Institution 

pursuant to the anti-money laundering or similar requirements of Norway 

to which such Reporting Norwegian Financial Institution is subject. 

2. NFFE. An "NFFE" means any Non-U.S. Entity that is not an FFI as 

defined in relevant U.S. Treasury Regulations, and also includes any NonU.S. Entity that is resident in Norway or other Partner Jurisdiction and that 

is not a Financial Institution. 

3. Passive NFFE. A "Passive NFFE" means any NFFE that is not (i) an 

Active NFFE or (ii) a withholding foreign partnership or withholding 

foreign trust pursuant to relevant U.S. Treasury Regulations. 

4. Active NFFE. An "Active NFFE" means any NFFE that meets any of the 

following criteria: 

a) Less than 50 percent of the NFFE's gross income for the preceding 

calendar year or other appropriate reporting period is passive 

income and less than 50 percent of the assets held by the NFFE 

during the preceding calendar year or other appropriate reporting 

period are assets that produce or are held for the production of 

passive income; 

b) The stock of the NFFE is regularly traded on an established 

securities market or the NFFE is a Related Entity of an Entity the 

stock of which is traded on an established securities market; 

c) The NFFE is organized in a U.S. Territory and all of the owners of 

the payee are bona fide residents of that U.S. Territory; 

d) The NFFE is a non-U.S. government, a government of a U.S. 

Territory, an international organization, a non-U.S. central bank of 

issue, or an Entity wholly owned by one or more of the foregoing; 

e) Substantially all ofthe activities of the NFFE consist ofholding (in 

whole or in part) the outstanding stock of, and providing financing 

and services to, one or more subsidiaries that engage in trades or 

businesses other than the business of a Financial Institution, except 

that an NFFE shall not qualify for this status if the NFFE functions 

(or holds itself out) as an investment fund, such as a private equity 

fund, venture capital fund, leveraged buyout fund or any 

investment vehicle whose purpose is to acquire or fund companies 

and then hold interests in those companies as capital assets for 

investment purposes; 

30 
f) The NFFE is not yet operating a business and has no prior 

operating history, but is investing capital into assets with the intent 

to operate a business other than that of a Financial Institution; 

provided, that the NFFE shall not qualify for this exception after 

the date that is 24 months after the date of the initial organization 

oftheNFFE; 

g) The NFFE was not a Financial Institution in the past five years, and 

is in the process of liquidating its assets or is reorganizing with the 

intent to continue or recommence operations in a business other 

than that of a Financial Institution; 

h) The NFFE primarily engages in financing and hedging transactions 

with or for Related Entities that are not Financial Institutions, and 

does not provide financing or hedging services to any Entity that is 

not a Related Entity, provided that the group of any such Related 

Entities is primarily engaged in a business other than that of a 

Financial Institution; or 

i) The NFFE meets all of the following requirements: 

i. It is established and maintained in its country of residence 

exclusively for religious, charitable, scientific, artistic, 

cultural, or educational purposes; 

ii. It is exempt from income tax in its country of residence; 

iii. It has no shareholders or members who have a proprietary or 

beneficial interest in its income or assets; 

iv. The applicable laws ofthe Entity's country of residence or 

the Entity's formation documents do not permit any income 

or assets of the Entity to be distributed to, or applied for the 

benefit of, a private person or non-charitable Entity other than 

pursuant to the conduct of the Entity's charitable activities, or 

as payment of reasonable compensation for services rendered, 

or as payment representing the fair market value of property 

which the Entity has purchased; and 

v. The applicable laws ofthe Entity's country of residence or 

the Entity's formation documents require that, upon the 

Entity's liquidation or dissolution, all of its assets be 

distributed to a governmental Entity or other non-profit 

organization, or escheat to the government of the Entity's 

country of residence or any political subdivision thereof. 

C. Account Balance Aggregation and Currency Translation Rules 

1. Aggregation of Individual Accounts. For purposes of determining 

the aggregate balance or value of accounts held by an individual, a Reporting 

Norwegian Financial Institution shall be required to aggregate all accounts 

31 
maintained by the Reporting Norwegian Financial Institution, or Related 

Entities, but only to the extent that the Reporting Norwegian Financial 

Institution's computerized systems link the accounts by reference to a data 

element such as client number or taxpayer identification number, and allow 

account balances to be aggregated. Each holder of a jointly held account shall 

be attributed the entire balance or value of the jointly held account for 

purposes of applying the aggregation requirements described in this paragraph. 

2. Aggregation of Entity Accounts. For purposes of determining the 

aggregate balance or value of accounts held by an Entity, a Reporting 

Norwegian Financial Institution shall be required to take into account all 

accounts held by Entities that are maintained by the Reporting Norwegian 

Financial Institution, or Related Entities, to the extent that the Reporting 

Norwegian Financial Institution's computerized systems link the accounts by 

reference to a data element such as client number or taxpayer identification 

number and allow account balances to be aggregated. 

3. Special Aggregation Rule Applicable to Relationship Managers. 

For purposes of determining the aggregate balance or value of accounts held 

by a person to determine whether an account is a High Value Account, a 

Reporting Norwegian Financial Institution shall also be required, in the case of 

any accounts that a relationship manager knows or has reason to know are 

directly or indirectly owned, controlled, or established (other than in a 

fiduciary capacity) by the same person, to aggregate all such accounts. 

4. Currency Translation Rule. For purposes of determining the balance 

or value of accounts denominated in a currency other than the U.S. dollar, a 

Reporting Norwegian Financial Institution must convert the dollar threshold 

amounts described in this Annex I into such currency using a published spot 

rate determined as of the last day of the calendar year preceding the year in 

which the Reporting Norwegian Financial Institution is determining the 

balance or value. 

D. Documentary Evidence. For purposes of this Annex I, acceptable 

documentary evidence includes any of the following: 

1. A certificate of residence issued by an appropriate tax official of the 

country in which the payee claims to be a resident. 

2. With respect to an individual, any valid identification issued by an 

authorized government body (for example, a government or agency thereof, or 

a municipality), that includes the individual's name and is typically used for 

identification purposes. 

3. With respect to an Entity, any official documentation issued by an 

authorized government body (for example, a government or agency thereof, or 

a municipality) that includes the name of the Entity and either the address of 

its principal office in the country (or U.S. Territory) in which it claims to be a 

resident or the country (or U.S. Territory) in which the Entity was incorporated 

or organized. 

32 
4. With respect to an account maintained in a jurisdiction with antimoney laundering rules that have been approved by the IRS in connection 

with a QI agreement (as described in relevant U.S. Treasury Regulations), any 

of the documents other than a Form W-8 or W-9 referenced in the 

jurisdiction's attachment to the Ql agreement for identifying individuals or 

entities. 

5. Any financial statement, third-party credit report, bankruptcy filing, or 

U.S. Securities and Exchange Commission report. 

33 
ANNEX II 

NON-REPORTING NORWEGIAN FINANCIAL INSTITUTIONS 

AND PRODUCTS 

This Annex II may be updated by a mutual agreement entered into between the Competent 

Authorities ofNorway and the United States: (1) to include additional entities, accounts, and 

products that present a low risk of being used by U.S. Persons to evade U.S. tax and that have 

similar characteristics to the entities, accounts, and products identified in this Annex II as of 

the date of entry into force of the Agreement; or (2) to remove entities, accounts, and 

products that, due to changes in circumstances, no longer present a low risk of being used by 

U.S. Persons to evade U.S. tax. Procedures for reaching such a mutual agreement may be 

included in the mutual agreement described in paragraph 6 of Article 3 of the Agreement. 

I. Exempt Beneficial Owners. The following categories of institutions are Non-Reporting 

Norwegian Financial Institutions that are treated as exempt beneficial owners for purposes of 

section 1471 ofthe U.S. Internal Revenue Code: 

A. Governmental Entities 

The Norwegian Government, any political subdivision of the Norwegian Government 

or any wholly owned agency or instrumentality of any one or more of the foregoing 

including the Government Pension Fund Global (GPFG). 

B. Central Bank 

The Central Bank of Norway (Norges Bank) and any of its wholly owned subsidiaries 

C. International Organizations 

The office in Norway of any organization to which the Immunity and Privileges for 

International Organization Act of June 19, 194 7 nr. 5 apply. 

D. Retirement Funds 

Pension Funds regulated in the Chapter 7 of the Norwegian Insurance Activity Act of 

June 10, 2005 nr. 44 and private Pension Foundations established prior to 1968 and 

covered by Paragraph 23 of Section 16-2 ofthe Norwegian Defmed Benefit 

Occupations Pension Act ofMarch 24, 2000 nr. 16 (pensjonskasser som regulert i 

kapitel 7 I forsikringsvirksomhetsloven og private pensjonsfond opprettet f0r 1968 og 

som er omfattet av foretakspensjonsloven § 16-2 23. ledd) and; 

Defined Contribution Pension Entities regulated in Chapter 8 of the Norwegian 

Insurance Activity Act of June 10, 2005 nr. 44 (innskuddspensjonsforetak som 

regulert i kapitel 8 i forsikringsvirksomhetsloven ). 

II. Deemed-Compliant Financial Institutions. The following categories of institutions are 

Non-Reporting Norwegian Financial Institutions that are treated as deemed-compliant FFis 

for purposes of section 1471 ofthe U.S. Internal Revenue Code: 

34 
A. Small Financial Institutions with Local Client Base 

A Norwegian Financial Institution that meets all of the following requirements: 

a. The Financial Institution must be licensed and regulated under the 

laws ofNorway; 

b. The Financial Institution must have no fixed place of business 

outside Norway; 

c. The Financial Institution must not solicit account holders outside 

Norway. For this purpose, a Financial Institution shall not be 

considered to have solicited account holders outside ofNorway merely 

because it operates a website, provided that the website does not 

specifically indicate that the Financial Institution provides accounts or 

services to nonresidents or otherwise target or solicit U.S. customers; 

d. The Financial Institution must be required under the tax laws of 

Norway to perform either information reporting or withholding of tax 

with respect to accounts held by residents of Norway; 

e. At least 98 percent of the accounts by value provided by the 

Financial Institution must be held by residents (including residents that 

are entities) ofNorway or another Member State of the European 

Union provided that Norway provides information on an automatic 

basis to the relevant Member State; 

f. Subject to subparagraph l(g), below, beginning on January l, 2014, 

the Financial Institution does not maintain accounts for (i) any 

Specified U.S. Person who is not a resident ofNorway (including a 

U.S. Person that was a resident ofNorway when the account was 

opened but subsequently ceases to be a resident ofNorway), (ii) a 

Nonparticipating Financial Institution, or (iii) any Passive NFFE with 

Controlling Persons who are U.S. citizens or residents; 

g. On or before January 1, 2014, the Financial Institution must 

implement policies and procedures to monitor whether it provides any 

account held by a person described in subparagraph l(f), and if such 

an account is discovered, the Financial Institution must report such 

account as though the Financial Institution were a Reporting 

Norwegian Financial Institution or close such account; 

h. With respect to each account that is held by an individual who is 

not a resident of Norway or by an entity, and that is opened prior to the 

date that the Financial Institution implements the policies and 

procedures described in subparagraph l (g), above, the Financial 

Institution must review those accounts in accordance with the 

procedures described in Annex I applicable to Preexisting Accounts to 

identify any U.S. Reportable Account or account held by a 

Nonparticipating Financial Institution, and must close any such 

35 
accounts that were identified, or report on such accounts as though the 

Financial Institution were a Reporting Norwegian Financial 

Institution; 

i. Each Related Entity of the Financial Institution must be incorporated 

or organized in Norway and must meet the requirements set forth in 

this paragraph; and 

j. The Financial Institution must not have policies or practices that 

discriminate against opening or maintaining accounts for individuals 

who are Specified U.S. Persons and who are residents of Norway. 

B. Certain Collective Investment Vehicles 

In the case of an Investment Entity that is a collective investment vehicle regulated 

under the laws of Norway: 

a) if all of the interests in the collective investment vehicle (including debt 

interests in excess of $50,000) are held by or through one or more Financial 

Institutions that are not Nonparticipating Financial Institutions, such collective 

investment vehicle will be treated as a deemed-compliant FFI for purposes of 

section 1471 ofthe U.S. Internal Revenue Code, and the reporting obligations 

of any Investment Entity (other than a Financial Institution through which 

interests in the collective investment vehicle are held) will be deemed fulfilled 

with respect to interests in the collective investment vehicle; or 

b) if the collective investment vehicle is not described in paragraph (a), 

consistent with paragraph 3 of Article 5 of the Agreement, if the information 

required to be reported by the collective investment vehicle under the 

Agreement with respect to interests in the collective investment vehicle is 

reported by the collective investment vehicle or another Investment Entity, the 

reporting obligations of all other Investment Entities required to report with 

respect to the interests in the collective investment vehicle will be deemed 

fulfilled with respect to such interests. 

C. Nonprofit Organizations 

Any charitable foundations, associations, funds, institutions or other entities 

exempt from taxation according to section 2-32 of the Norwegian Tax Act. 

Ill. Exempt Products. The following categories of accounts and products established in 

Norway and maintained by a Norwegian Financial Institution shall not be treated as Financial 

Accounts, and therefore shall not be U.S. Reportable Accounts or accounts held by a 

Nonparticipating Financial Institution, under the Agreement: 

A. Certain Retirement Accounts or Products 

Tax Favorable Pension Schemes (and paid-up policies or pension assets certificates) 

covered by section 6-45 of the Norwegian Tax Act. 

36 
Group Annuities covered by section 5-41 ofthe Norwegian Tax Act. 

B. Certain Other Tax-Favorable Accounts or Products 

Property Savings Accounts for young people (Boligsparing for ungdom). 

37