In July 2012, two versions of the Model I were presented, namely one which is based on reciprocity and one without reciprocity. The mentioned reciprocal treatment finds expression in the form of an exchange of information about accounts of the respective nationals. The framework of the newly released model requires foreign financial institutions in Japan and Switzerland to report U.S. account information directly to the IRS. More detailed information about the major distinctions between the Models I and II, as well as the rules from the FATCA regulation are apparent in the factsheet.
