On June 21, 2012, the Treasury Department announced a new intergovernmental framework to implement FATCA in joint statements with Japan and Switzerland (referred to as Model II). Unlike the government-to-government framework for FATCA implementation announced in February 2012 by the US, France, Germany, Italy, Spain and the UK (referred to as Model I), Model II establishes a framework of direct reporting by foreign financial institutions (FFIs) to the IRS with additional information exchange by request between the US and either Switzerland and Japan.