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Alternative Market Briefing

IRS proposes regulations on FATCA withholding and reporting

Thursday, April 26, 2012

Bailey McCann, Opalesque New York: The IRS has released new proposed regulations for several sections of the US Foreign Account Tax Compliance Act (FATCA), the international tax collection legislation recently passed in the US. The bill itself was passed as a shell bill to allow appropriate regulatory authorities time to build out the details of the regulation after taking in industry feedback. The latest draft of proposed regulations cover a number of areas that industry participants have asked for clarification on.

New York-based law firm, Shulte, Roth & Zabel LLP has issued a brief overview today of the proposed regulations with some additional legal commentary. Attorneys write that investment managers should already begin the FATCA compliance process by identifying their investors and counterparties as required by FATCA.

Under FATCA, hedge funds, fund of funds and other firms primarily focused on the business of investing are considered 'financial institutions' and subject to the regulation. This also includes offshore funds and funds located in jurisdictions where the US maintains mutual tax agreements, if those fund......................

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