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Alternative Market Briefing

The FATCA deadline looms ever closer

Wednesday, November 20, 2013

Beverly Chandler, Opalesque London:

Shane Brett of Global Perspectives warns in his latest white paper of the Four Essential Tasks to Prepare for FATCA. "Time is marching on and the deadlines for FATCA are getting closer" he writes. "In July 2013 the IRS postponed FATCA implementation for six months. Many companies relegated FATCA to the back of the regulatory queue to focus on Dodd Frank, AIFMD, Solvency II and a myriad other regulatory initiatives demanding their attention. It’s time to focus on FATCA again. The six month grace period should be used to prepare for FATCA."

Brett says that FATCA is here to stay and its going global. "A worldwide web of Inter-Governmental Agreements (IGA’s) continues to be signed whereby countries are agreeing to swap tax details with the US, and also increasingly with each other. The EU agreed at a summit in May to automatically swap tax details between the 28 countries of the European Union. Incredibly, in October 2013, even Switzerland signed the OECD convention on the exchange of taxation information. FATCA is changing everything."

Brett warns: "If you are reading this thinking your non-US financial organisation is outside the scope of FATCA - then we have bad news – it isn’t and you aren’t. All Foreign Financial institutions (i.e. all non-US financial organisations – called "FFI’s) worldwide will have to take steps to become compliant with FATCAIf you are reading this t......................

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