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The IGAs have their own set of definitions, which generally follow the definitions in the Code and the Treasury regulations. The IGAs still classify entities into one of two mutually exclusive groups, as a financial institution or a non-financial institution. The Treasury regulations expressly provide that an entity resident in a country with an IGA in effect is an FFI if it is a financial institution under that IGA. Accordingly, the IGA’ classification rules regarding whether an entity is a financial institution subject to FATCA trump the Treasury regulations. Specifically, the IGAs split financial institutions into four categories: custodial institution, depository institution, investment entity, and specified insurance company. The IGA generally provide that financial institutions will be treated as FATCA-compliant if they fulfill their obligations under foreign law to identify certain us account holders and owners, and if their country of residence complies with its requirements under the relevant IGA. The country of residence generally must implement its own laws to obtain and exchange the requisite information regarding reportable accounts in the time and manner prescribed by its IGA.