The Austrian Ministry of Finance was authorized on 12 October 2022 to begin negotiations with the U.S. for a new reciprocal FATCA agreement based on agreement Model 1. Currently, the FATCA agreement between Austria and the U.S. is based on agreement Model 2, which generally requires reporting Austrian financial institutions to register with and report account information to the U.S. IRS directly. Under agreement Model 1, reportable account information would be collected by Austria and then exchanged with the IRS. Model 1 also provides for the reciprocal exchange of information reported by reporting U.S. financial institutions.