Thu, May 23, 2013
A A A
Welcome Guest
Free Trial RSS
New! Family Office and Investor Database with 11,750 contacts
Alternative Market Briefing

The IRS postpones FATCA and meets a mixed response
Friday, October 26, 2012

Beverly Chandler, Opalesque London: News that the IRS is postponing its Foreign Account Tax Compliance Act (FATCA) -related deadlines to a staggered start between January 1st 2014 and January 1st 2017 has been met with a mixed response. Jim Muir, director of AutoRek, a financial services data reconciliation firm, commented : "It may be considered a good thing for the authorities to be seen as listening to industry feedback. However, good, well-intended regulation, such as FATCA, should not be postponed simply because institutions are in a state of poor preparedness. In this case, the perception in the public eye may be that the regulators and authorities are simply too soft on banks and other financial institutions who have had quite some time to get ready for FATCA."

FATCA has caused consternation through the hedge fund industry, with speakers at the recent Opalesque New York Roundtable describing it as a 'train wreck’with Joe Taussig of Taussig Capital saying: "Tax revenues for the US from FATCA will be somewhere in the order of $7-10 billion, and compliance could cost $1 trillion a year. There are over 100,000 financial institutions in the world that will be daisy chained in this thing."

It is believed that the IRS is delaying FATCA implementation because of feedback that complying with the original deadlines is proving impractical. AutoRek’s Muir said: "What FATCA has achieved th......................

To view our full article Click here
Article link
Banner
Today's Exclusives Today's Other Voices Banner More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Morgan Creek Capital Management to acquire Signet Capital Management[more]

    Bailey McCann, Opalesque New York: Investment firm Morgan Creek Capital Management has acquired Signet Capital Management a UK-based credit fund of funds with $700M in assets under management. Under the agreement, Signet will contribute its funds and senior investment management team to Morgan Creek

  2. Performance – Chenavari Investment holds off U.S. dominance to crack big league of top hedge fund performers, BlueCrest credit hedge fund makes gains despite European short bias, Sensato Asia-Pacific Fund up 15% YTD, says Japanese stock valuations are no longer attractive, ETF that follows hedge fund gurus is up 52% since inception less than a year ago[more]

    Chenavari Investment holds off U.S. dominance to crack big league of top hedge fund performers From Cityam.com: A boutique London-based hedge fund has smashed into the top three best performing funds in the world this year, breaking the dominance of US hedge fund managers, according to a

  3. Moore Capital founder Louis Bacon to anchor $750m senior loan fund[more]

    From PEhub.com: Billionaire hedge fund manager Louis Bacon is placing a big bet on mid-market lending by backing a new firm that is seeking to raise a $750 million debt fund aiming at the lower end of the middle market, two sources told sister magazine Buyouts. Bacon, the founder of Moore Capi

  4. Opalesque Exclusive: New research examines quantitative trend following as an equity risk hedge[more]

    Bailey McCann, Opalesque New York: New research from Nigol Koulajian founder and CIO, and Paul Czkwianianc, Head of Research at Quest Partners, a New York-based systematic fund, looks at how quantitative trend following could be used

  5. A SQUARE Index returns: The Opalesque A SQUARE Index gained 1.52% in February, bringing the cumulative return for the first two months to 3.76%. The A SQUARE Funds of Funds Index gained only 0.40% last month, resulting in a year-to date return of 1.57%.
Click here for More about Opalesque Tracking
- A new, unique Premium Service -
  1. NZARA
  2. 36 South
  3. Cultivar
  4. New Zealand
  5. Aspiring
  1. bridgewater
  2. managed account
  3. King Street
  4. global macro
  5. ubs