Mon, Sep 25, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Participants express concern about FATCA implementation

Friday, October 26, 2012

By Beverly Chandler, Opalesque London:

Speakers at the Opalesque New York Roundtable, sponsored by SunGard, Taussig Capital and Eurex expressed concern about the likely impact of the Foreign Account Tax Compliance Act (FATCA).

Joe Taussig, founder of Taussig Capital commented that there were a few regulatory changes on the horizon in Switzerland that would further impact Swiss sources of hedge fund investment. "One is called FATCA" he said, "which goes into effect at the 1st of next year. It is a train wreck waiting to happen, because there could be tremendous withdrawals out of the U.S. securities. FATCA is already law, so the election won’t change anything, as a matter of fact I cannot see how it is going to change."

Continuing on the FATCA theme, Taussig said: "Giving a full explanation on FATCA may be a little above my pay grade, but as I understand it, every financial institution has to do a Sarbanes-Oxley like pledge that everybody in the daisy chain down to the beneficial owner of the securities isn’t avoiding any U.S taxes."

Taussig said: "If you don’t sign and get everyone else in the daisy chain to sign, you cannot transact U.S. securities. It is that simple. I believe even currencies are included. ......................

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. iCapital Network enters deal to acquire innovative U.S. private equity access fund platform from Deutsche Bank[more]

    Komfie Manalo, Opalesque Asia: Financial technology platform iCapital Network has entered into a definitive purchase agreement to acquire the US Private Equi

  2. Asia - Hedge funds used to love shorting China. Now, not so much, Fledgling China FoFs require careful use: NCSSF, Amac, Japanese banks turn to PE, hedge funds for returns[more]

    Hedge funds used to love shorting China. Now, not so much From Bloomberg.com: A sharp devaluation. A credit crisis. And an economic hard landing. That's what some of the biggest names in the hedge fund industry were predicting for China after the nation's stocks and currency tumbled in 2

  3. Launches - Orchard launches new credit platform, ETN based on hedge fund to launch on the LSE[more]

    Orchard launches new credit platform Orchard Platform has rolled out Deals as a part of its new platform launch. With the addition of Deals to their suite of technology solutions for loan originators and institutional investors, Orchard Platform takes the next step in their evolution. De

  4. Neuberger Berman closes $1.1bn Credit Opportunities Fund[more]

    Neuberger Berman, a private, independent, employee-owned investment manager, announced that NB Private Equity Credit Opportunities Fund LP closed on $1.1 billion of limited partner commitments. The Fund seeks to invest in the secured and unsecured debt of private equity-backed companies, primarily i

  5. Capital Dynamics launches mid-market private credit business[more]

    Capital Dynamics, a global private asset manager, has launched a dedicated Private Credit Asset Management business. Experienced industry executives Jens Ernberg and Thomas Hall have joined Capital Dynamics to co-lead the company's new private credit initiative. They are based in Capital Dynamics' N