An exempt retirement plan is a retirement plan that is exempt from FATCA reporting requirements because it is a qualified retirement plan under the U.S. tax code. An entity wholly owned by exempt beneficial owners, on the other hand, is an entity that is owned entirely by individuals or entities that are exempt from reporting under FATCA, such as charitable organizations or government entities. The entity itself is not exempt from reporting, but it may not have any reportable accounts if all of its beneficial owners are exempt.