Thu, Sep 3, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Asian mutual and hedge funds unite against Fatca

Tuesday, May 22, 2012

From Precy Dumlao, Opalesque Asia – At least six investment industry associations in Asia have bonded together to put up a united stand against the implementation of the controversial Foreign Account Tax Compliance Act (Fatca) to be implemented by the U.S. The group are up in arms against the far-reaching effect of the tax rules set for implementation in 2014.

According to a report by Asian Investor, the six investment industry associations are: Association of Mutual Funds in India, Federation of Investment Managers (Malaysia), Financial Services Council (Australia), Hong Kong Investment Funds Association, Investment Management Association of Singapore and Securities Investment Trust & Consulting Association (Taiwan).

Hong Kong Investment Funds Association CEO Sally Wong noted that the unprecedented move is the first time that the industry bodies have bonded together to go against a proposed regulation. The joint comment that was submitted to U.S. Treasury Secretary Timothy Geithner reads, "Fatca is an attempt by the US to unilaterally super-impose its tax system – arguably the most complex regime in the world – on all of the world’s financial institutions." Also given a copy of the comment is Douglas Schulman, commissioner of the Internal Revenue Service.

According to the report, the Asian investment industry associations have called for the repeal of Fa......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Cliff Asness attracts $360 million as liquid alternative funds hold up[more]

    From Bloomberg.com: As U.S. stocks suffered their worst month in more than three years in August, Clifford Asness’s managed futures fund was able to profit. Investors are taking notice. The $9.12 billion AQR Managed Futures Strategy Fund pulled in an estimated $360 million in net subscriptions last

  2. Opalesque Exclusive: When the SEC calls, fund managers need to get out of their own way[more]

    Bailey McCann, Opalesque New York: New pressure is hitting alternative investment funds from all angles. So far this month both hedge fund and private equity players have seen enforcement actions, and subsequent fines over fees, disclosures, and misleading statements. Citi one of the biggest

  3. Performance - Einhorn and Loeb's hedge funds both decline 5% in August, Some target-date funds miss in the market turmoil[more]

    Einhorn and Loeb's hedge funds both decline 5% in August From Reuters.com: Hedge fund billionaires David Einhorn and Daniel Loeb saw their main funds lose roughly 5 percent in August during a dramatic market sell off, two people familiar with their returns said on Monday. Einhorn's

  4. Fortress hedge fund manager David Dredge says markets trouble on the way[more]

    From AFR.com: David Dredge of global hedge fund Fortress has built a career studying, predicting and protecting against the world's major financial crises. The recent convulsions in global sharemarkets are "just the beginning" of a painful adjustment as money drains from the emerging market economie

  5. North America - Puerto Rico agency plans talks with hedge fund creditors[more]

    From WSJ.com: Puerto Rico’s Government Development Bank is planning to begin confidential debt-restructuring talks with hedge funds that own its bonds as early as next week, said a person familiar with the matter. The parties are set to discuss a plan under which the investors would lend additional

 

banner