The term “Governmental Entity” referred to in these Regulations means the government at various levels, or any agency, institution, organization, or other entity that is directly or indirectly wholly held or controlled by the government at various levels.

The term “Broad Participation Retirement Fund” referred to in these Regulations means a fund established to provide retirement, disability, or death benefits to beneficiaries that are employees in consideration for services rendered, provided that the following requirements are met:
1. A single beneficiary of the fund does not have a right to more than 5 per cent of the fund’s assets.
2. The fund is subject to government regulations and provides information reporting to the tax authorities.
3. At least one of the following requirements is met:
(1) The fund is generally tax-favored on investment income.
(2) The fund receives at least 50% of its total contributions from the sponsoring employers, other than transfers of assets from other retirement funds described in subparagraph 2 of Article 3, or from retirement and pension accounts described in subparagraph 1 of Article 23.
(3) Distributions or withdrawals from the fund are allowed only upon the occurrence of retirement, disability, or death, except rollover distributions to other retirement funds described in subparagraph 2 of Article 3 or retirement and pension accounts described in subparagraph 1 of Article 23, or penalties applied to distributions or withdrawals made before the occurrence of retirement, disability, or death.
(4) Contributions, other than certain permitted make-up contributions, by employees to the fund are limited by reference to earned income of the employee or may not exceed USD 50,000 annually, the calculation of contributions shall apply the rules set forth in paragraph 2 of Article 34 and Article 49.

The term “Narrow Participation Retirement Fund” referred to in these Regulations means a fund established to provide retirement, disability, or death benefits to beneficiaries that are employees in consideration for services rendered, provided that the following requirements are met:
1. The fund has fewer than 50 participants.
2. The fund is sponsored by an employer that is not an Investment Entity or a Passive Non-Financial Entity (hereinafter referred to as “NFE”).
3. The employee and employer contributions to the fund, other than transfer of assets from retirement and pension accounts described in subparagraph 1 of Article 23, are limited by reference to earned income of the employee.
4. Participants that are Foreign Residents are not entitled to more than 20% of the fund’s assets.
5. The fund is subject to government regulations and reports information to the tax authorities.

The term “Exempt Credit Card Issuer” referred to in these Regulations means an issuer of credit cards that accepts deposits only when a customer makes a payment in excess of a balance due with respect to the card and the overpayment is not immediately returned to the customer, provided that no later than 31 December 2018, the issuer implements policies and procedures either to prevent a customer from making an overpayment in excess of USD 50,000, or to ensure that any customer overpayment in excess of USD 50,000 is refunded to the customer within 60 days. The customer overpayment in each case shall be calculated applying the rules set forth in paragraph 2 of Article 34 and Article 49, and not refer to credit balances to the extent of disputed charges.

The term “Exempt Collective Investment Vehicle” referred to in these Regulations means a collective investment vehicle in which all of the interests are directly or indirectly held by non-Reporting Persons, including an Investment Entity that has issued physical shares in bearer form and meets the following requirements:
1. No longer issuing any physical shares in bearer form after 31 December 2018.
2. Retiring all physical shares in bearer form upon surrender.
3. Performing the due diligence procedures when physical shares in bearer form are presented for redemption or other payment, and reporting required information in accordance with these Regulations.
4. Having in place policies and procedures to ensure that physical shares in bearer form are redeemed or immobilized by 31 December 2018.
The Exempt Collective Investment Vehicle in the preceding paragraph does not include a collect investment vehicle in which the interests are held by a non-Reportable Person which is a Passive NFE with Controlling Persons who are Reportable Persons.