Saudi Arabia — Memorandum of Understanding

MEMORANDUM OF UNDERSTANDING REGARDING THE AGREEMENT
BETWEEN THE GOVERNMENT OF THE UNITED STATES OF AMERICA AND
THE GOVERNMENT OF THE KINGDOM OF SAUDI ARABIA 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 the Kingdom of Saudi Arabia to Improve International
Tax Compliance and to Implement FA TCA (hereinafter the "Agreement"), the representatives ofthe United States of America and the Kingdom of Saudi Arabia wish to confirm their understanding of the following:
It is understood that, in the case of securities registered in the Securities Depository
Centre within the Saudi Stock Exchange (Tadawul) as defined by the Capital Market
Law, 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 being held by such other Financial Institutions, and such other Financial Institutions would be responsible for any reporting required with respect to such Financial Accounts.
It is understood that the Saudi Stock Exchange (Tadawul) may report on behalf of such other Financial Institutions in accordance with paragraph 4 of Article 5 of the Agreement.
Signed at the Ministry of Finance, Riyadh, Saudi Arabia, in duplicate, in the English and
Arabic languages, this 15th day ofNovember, 2016.
For the Government of the
United States of America:
Joseph W. Westphal
Ambassador of the United States to the Kingdom of Saudi Arabia
For the Government of the
Kingdom of Saudi Arabia:
Dr. Hamad al-Bazai
Vice Minister of Finance