4 Deemed compliant financial institutions

(1) Where a financial institution—

(a) is a deemed compliant FFI referred to in Article 1(1)(q) of the Agreement, and

(b) is required to submit a return of information in relation to an account maintained by it,

the institution shall be a reporting financial institution for the purpose of returning information on that account.

(2) (a) A financial institution within the meaning of paragraph II.B of Annex II to the Agreement shall not, on or after 1 July 2014, open an account for—

(i) any specified U.S. person who is not a resident of Ireland,

(ii) any non-participating financial institution, or

(iii) any passive entity which has a controlling person who is a U.S. person.

(b) A financial institution referred to in subparagraph (a) shall on, or before, 1 July 2014 implement policies and procedures to monitor whether it maintains an account for—

(i) any specified U.S. person who is not a resident of Ireland,

(ii) any non-participating financial institution, or

(iii) any passive entity which has a controlling person who is a U.S. person.

(c) Where an account referred to in subparagraph (b) is identified, the financial institution concerned shall close the account or report the account as though the institution was a reporting financial institution.