Projet

(b) the fund is sponsored by one or more employers that are not Investment Entities or

Passive NFEs;

(c) the employee and employer contributions to the fund (other than transfers of assets from

retirement and pension accounts described in subparagraph C(17)(a)) are limited by reference to earned income and compensation of the employee, respectively;

(d) participants that are not residents of the jurisdiction (being a Member State or

Switzerland) in which the fund is established are not entitled to more than 20 % of the fund's assets; and

(e) the fund is subject to government regulation and provides information reporting to the

tax authorities.

7. The term "Pension Fund of a Governmental Entity, International Organisation or Central Bank" means a fund established by a Governmental Entity, International Organisation or Central Bank to provide retirement, disability, or death benefits to beneficiaries or

participants who are current or former employees (or persons designated by such employees), or who are not current or former employees, if the benefits provided to such beneficiaries or participants are in consideration of personal services performed for the Governmental Entity, International Organisation or Central Bank.

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