Iceland — Memorandum of Understanding

MEMORANDUM OF UNDERSTANDING
REGARDING
THE AGREEMENT BETWEEN
THE GOVERNMENT OF THE UNITED STATES OF AMERICA AND
THE GOVERNMENT OF ICELAND
TO IMPROVE INTERNATIONAL TAX COMPLIANCE AND TO IMPLEMENT
FATCA
At the signing today of the Agreement between the Government of the United States of
America and the Government of Iceland to Improve International Tax Compliance and to
Implement FATCA (hereinafter the " Agreement"), the representatives of lceland and the
United States of America wish to confirm their understanding of the following:
It is understood that in the case of securities registered at the Icelandic Central Securities
Depository (Ver6brefasknining) as defined in article 3 of the Icelandic Act on electronic registration of rights of title to securities (Log nr. 131/1997 um rafrrena eignaskniningu ver6brefa) that are held by or through one or more other Financial Institutions that are not Nonparticipating Financial Institutions, the relevant Financial Accounts would be treated as held by such other Financial Institutions, and such other Financial Institutions would be responsible for any reporting required with respect to such Financial Accounts.
Notwithstanding the foregoing, in accordance with paragraph 3 of Article 5 of the Agreement, the Icelandic Central Securities Depository may report on behalf of such other Financial Institutions.
Signed at Reykjavik, in duplicate, this 26th day ?fMay, 2015.
FOR THE GOVERNMENT OF FOR THE GOVERNMENT OF
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