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Within the scope of the negotiations on the FATCA agreement signed on 14 February 2013, both sides agreed to set out individual interpretations of a technical or administrative nature in a Memorandum of Understanding (MoU). This Memorandum of Understanding was signed today in Washington by Manuel Sager, Ambassador of Switzerland to the United States, and Mark Mazur, Assistant Secretary for Tax Policy.
The MoU summarises the obligations of Swiss financial institutions, states the relationship with the qualified intermediary system, and confirms the simplified self-declaration for exempt Swiss beneficial owners under the FATCA agreement. Finally, it is stated that Swiss financial institutions can generally apply definitions from the implementing provisions of the US Department of the Treasury if these simplify matters relative to the definitions in the FATCA agreement.