Sat, Apr 19, 2014
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

Banner
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. Opalesque Exclusive: Classic Auto Funds Limited (CAF) launches several car investing funds[more]

    Bailey McCann, Opalesque New York: A new trend in alternative alternatives is emerging - car appreciation funds. Classic Auto Funds Limited (CAF) is the first to market with several funds that make super elite luxury cars into real asset investments. As a result of growing overseas demand couple

  2. CTAs could face new challenges in a rising rates environment[more]

    Bailey McCann, Opalesque New York: CTAs have taken a beating performance wise lately, and asset flows reports show that investors aren't sticking around to see how the movie ends. Now, a new white paper from Roy Niederhoffer and Coen Weddepohl notes that as interest rates start to tick back u

  3. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  4. Opalesque Exclusive: Hedge fund replicators evolve[more]

    Bailey McCann, Opalesque New York: Hedge fund replicators as a group of products tend to get a bad rap from hedge fund managers who suggest that the best a replicator can offer is dynamic beta capture. A

  5. Commodities – Popular value fund manager David Iben bets on Russia, gold,[more]

    From Reuters.com: With large bets on Russia and North American gold miners, one of the best performing stock pickers in the wake of the 2008 financial crisis is back with a new fund that reflects his deep aversion to following the crowd. In the Kopernik Global All-Cap Fund, David Iben is follo