Wed, Oct 7, 2015
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. U.S. hedge funds prepare for worst finish this year since 2008[more]

    Komfie Manalo, Opalesque Asia: U.S.-focused hedge funds are preparing for their worst year since the 2008 global financial crisis, following a series of letdown including the market sell-off in August and the sell-off in healthcare and biotechnology sectors last month, reported

  2. Investing - AQR Capital and Renaissance Technologies raise stakes in Southwest Airlines[more]

    From In the previous part of this series, we saw how institutional investors played Southwest Airlines (LUV) in 2Q15. Now let’s move on to the trades executed by key hedge funds in Southwest Airlines over the same period. … Most of the hedge funds that had significant exposu

  3. DoubleLine’s Jeffrey Gundlach warns of another round of market shakedown[more]

    Komfie Manalo, Opalesque Asia: DoubleLine Capital co-founder Jeffrey Gundlach is painting a bleak future as he warned that the U.S. equity market and other risk markets, such as high-yield "junk" bonds, are facing another round of selling pressure. Gundlach said in an interview with

  4. A hedge fund strategy that seems to have fizzled[more]

    From The hedge fund strategy that has attracted the most money this year is on course to cause some of the biggest losses for investors, in the latest example of the dangers of going with the crowd. Institutions and individuals have piled an estimated $20 billion (Dh73 billion) into ma

  5. Hedge fund Barnegat survives September’s market selloff[more]

    Komfie Manalo, Opalesque Asia: Bob Treue’s $679 million Barnegat Fund proved resilient after another month of market letdown as the hedge fund gained 2.2% last month, bringing its year-to-date gains to 2.8%. Treue said in his monthly report to i