The QI Agreement sets out the rules regarding the documentation of clients.

First of all it is important to keep in mind that as a general rule all US source payments made to non-US residents are subject to 30% gross at-source withholding. In order to apply a reduced (or zero) rate of withholding the non-US person must provide valid documentation.

If your securities account is with a QI, the QI must collect and maintain the necessary documentation.

Non-US clients of a QI are either documented or undocumented. A client is considered to be documented with the QI has valid documentation regarding the client -- which means the QI has either a completed Form W-8 from the client or the QI has obtained all of the documentation required under the KYC rules approved by the IRS. Undocumented clients are non-US clients that have not provided a completed Form W-8 or the KYC documentation obtained by the QI is incomplete or invalid (e.g., expired driver's license).

The QI Agreement does not require a QI to use Form W-8 or the approved KYC rules, instead the client documentation procedure is determined by the QI.