Sun, Dec 17, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

FATCA deadline looms for hedge funds

Friday, April 04, 2014

Bailey McCann, Opalesque New York:

Deadlines are fast approaching for funds to comply with FATCA, the IRS announced an April 25 deadline for fund managers to register their offshore funds and offshore master funds with the IRS. Funds have until May 5 2014 to get their Global Intermediary Identification Numbers.

Notably, the IRS has also announced that the 19 countries which were in the process of completing their intergovernmental agreements on FATCA will be treated as though those agreements are already complete. Those countries are Australia, Austria, Belgium, Brazil, British Virgin Islands, Czech Republic, Gibraltar, Jamaica, Kosovo, Latvia, Liechtenstein, Lithuania, Poland, Portugal, Qatar, Romania, Slovenia, South Africa and South Korea. Brazil and the British Virgin Islands will likely stick out most for fund managers as those countries are hubs of activity for funds. 45 countries now have FATCA agreements.

On June 2, 2014 the IRS will publish a list of FATCA-compliant financial institutions, funds that have failed to get their identification numbers on time will not be included on this list, which could present its own set of difficulties in dealing with investors and service providers.

An alert from accounting firm EisnerAmper notes that processes and procedures for new investor onboarding should be in place no later than June 30, 2014. "A compliance plan should......................

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. Mediobanca acquires majority stakes in Swiss hedge fund[more]

    Komfie Manalo, Opalesque Asia: Listed diversified banking group Mediobanca SpA said it has acquired a majority stake in Geneva-based hedge fund firm RAM Active Investments SA (RAM AI), an active and alternative asset manager offering a range of act

  2. Launches - Ex-BlueCrest team to open over $200m hedge fund, Greg Coffey, a hedge fund star who retired at 41, is eyeing a comeback, Brevan Howard plans Greek funds as bond rally signals revival[more]

    Ex-BlueCrest team to open over $200m hedge fund From Bloomberg.com: A team of traders who left BlueCrest Capital Management earlier this year raised more than $200 million for their own hedge fund focused on Asian stocks, according to a person familiar with the matter. Ovata Capital Manag

  3. North America - Miami could attract hedge funds if SALT deductions axed[more]

    From Law360.com: For years, inertia has been Nitin Motwani's greatest foe in his attempts to lure hedge fund owners in the northeast to Miami, which he has pitched as a tropical low-tax paradise. But with the Republican tax bill proposing to eliminate deductions for state and local taxes, he's sensi

  4. Northleaf Capital Partners closes debut private credit fund on $670M[more]

    Bailey McCann, Opalesque New York: Northleaf Capital Partners has closed its debut private credit fund - Northleaf Private Credit I - on $670 million. The vehicle will invest in private credit transactions in Europe and North America, with a primary focus on lending to private equity-backed compa

  5. ...And Finally - The ongoing gun saga in the U.S.[more]

    From Newsoftheweird.com: As elder members of the First United Methodist Church in Tellico Plains, Tennessee, gathered on Nov. 16 to discuss the recent church shooting in Sutherland Springs, Texas, one of those present asked if anyone had brought a gun to church. One man spoke up and said he c