Fri, Sep 4, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

FATCA update from Laven Partners

Friday, August 23, 2013

Beverly Chandler, Opalesque London:

In their FATCA update for funds, Laven Partners, detailed the delay in implementation. The firm writes: "As expected, many foreign financial institutions have objected to the broad reach of the Foreign Account Tax Compliance Act (FATCA), citing burdensome compliance costs and conflicts with domestic laws that protect account holder privacy."

FATCA mandates that a) foreign financial institutions (FFIs) provide information on U.S. account holders with foreign accounts and b) non-financial foreign institutions (NFFEs) disclose information on substantial U.S. owners to the IRS. FFIs include investment entities such as hedge funds and private equity funds. Such FFIs must "register with the IRS, obtain a Global Intermediary Identification Number (GIIN), and report certain information on U.S. accounts to the IRS."

"In relation to the issue of conflicts with domestic laws, the U.S. Treasury has been negotiating intergovernmental agreements (IGAs) to navigate legal obstacles and allow FFIs to disclose previously confidential data to the IRS. So far, the Treasury has completed agreements with a number of European countries including the UK, Germany, and Switzerland" Laven explains. "However, as numerous IGAs remained in process throughout the first half of 2013 — and some countries such as China seemed reluctant if not intractable to the idea of compliance — there had been wid......................

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