A Qualified Intermediary (QI) is a foreign financial institution that has entered into an agreement with the Internal Revenue Service (IRS) to facilitate the flow of funds between parties without U.S. withholding. QIs help ensure that the withholding tax obligations are met by the parties involved in the transaction. A Qualified Securities Lender (QSL) is a foreign financial institution that has entered into an agreement with the IRS to act as a securities lender and provide certain withholding services. QSLs help ensure that the withholding tax obligations are met when securities are borrowed and lent between foreign persons.