(b) in the case of a non-subject financial institution in paragraph 1, point (a), where the financial institution has formed a class of interest in order to avoid reporting in accordance with Section I; and (a) less than 50% of the NET`s gross income for the previous calendar year or any other appropriate reporting period, passive income and less than 50% of the assets held by the ENE in the previous calendar year or in another appropriate reference period are assets that are generated or held to generate passive income; 3. The term “international organization” refers to any international organization or organization or 100% instrumentality of that organization. This category includes any intergovernmental organization (including a supranational organization) (i) consisting primarily of governments; (ii) which actually has an essentially similar seat or agreement with the Member State, Monaco or any other jurisdiction; and (iii) whose income is not generated for the benefit of individuals. C. When a pay or value threshold is to be set from the last day of the calendar year, the relevant balance or value must be determined from the last day of the reference period ending in or during that calendar year. 1) rules that prevent financial institutions, individuals or intermediaries from enforcing practices designed to circumvent reporting and due diligence obligations; Additional reporting and due diligence provisions for financial accounts D information. Any Member State and Monaco may authorise reporting financial institutions to use service providers to fulfil the reporting and due diligence obligations required for financial institutions under national law, but these obligations remain the responsibility of reporting financial institutions. A financial institution is “established” in a Member State, Monaco or any other participating jurisdiction, when it is subject to the jurisdiction of that Member State, Monaco or any other participating jurisdiction (i.e. the participating court is able to impose the reports by the financial institution).
When a financial institution is established fiscally in a Member State, Monaco or any other participating jurisdiction, it is subject to the jurisdiction of that Member State, Monaco or any other participating jurisdiction, and therefore it is a financial institution, a financial institution in Monaco or another participating financial institution.