Fri, Nov 27, 2015
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. Other Voices: Hedge fund marketing and the selling cycle[more]

    By Bruce Frumerman. How long is the selling cycle now? That’s a question my financial communications and sales marketing consulting firm has been asked on a regular basis by hedge fund firm owners and sales people, ever since we opened the doors to our firm in 1987 pre-crash. Wa

  2. People - Solus Alternative Asset Management adds chief strategist from BTIG[more]

    From Daniel Greenhaus joined hedge fund manager Solus Alternative Asset Management as managing director and chief strategist. He will work closely with Chris Bondy, Solus’ chief economist, managing director and executive vice president, said Chris Pucillo, CEO and chief investmen

  3. Opalesque Roundtable: Seeding deal terms can be onerous for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Executives from fund of funds firms, family offices, a placement agent, a private equity firm, and an accounting firm gathered in Connecticut last month for the

  4. Opalesque Roundtable: Family offices flock to co-investment[more]

    Bailey McCann, Opalesque New York: Co-investments have been a hot topic for pension funds in recent years, as they try to move away from high fees and improve transparency. But now, family offices are more readily getting into the mix and establishing in-house deal teams, according to the delega

  5. More institutional investors invest in CTAs compared to last year despite dissatisfaction with performance[more]

    Benedicte Gravrand, Opalesque Geneva: "Despite a strong start to 2015 for CTAs in Q1, commodity market conditions have made return generation difficult for fund managers over much of the rest of the year to date," says Preqin’s November