Thu, Jul 24, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Swiss SFA welcomes agreement on implementation of FATCA in Switzerland

Wednesday, December 05, 2012
Opalesque Industry Update - The agreement on the implementation of FATCA in Switzerland was initiated on 3rd December 2012. The Swiss Funds Association SFA (SFA) welcomes the resultant increase in legal certainty, as well as the reduction in the workload entailed in implementation.

FATCA entered into force in the US on 18 March 2010, the aim being to ensure that all accounts held abroad by US taxpayers are taxed. Foreign financial institutions (FFIs) have to conclude an agreement with the US tax authorities and must undertake to report information on US accounts. In mid-2012, Switzerland and the US published a joint statement setting out a framework for possible simplifications in the implementation of FATCA. For example, certain financial institutions such as social security institutions, pension funds and property insurers would be exempt. Institutions that are predominantly locally active are to be automatically deemed FATCA-compliant. The corresponding agreement between the two countries was initialed yesterday.

Although the text of the agreement will only be published once it has been signed, it can already be assumed that the solution found will also alleviate certain aspects for the fund industry in Switzerland. For example, collective investment vehicles in particular will be deemed FATCA-compliant subject to certain requirements, and will only be subject to a registration obligation.

The agreement also clarifies the exemption regulations for social security and pension institutions, and thus also for single-investor funds and qualified investor funds (QIFs), which are reserved for these institutions.

“We welcome the greater legal certainty in an area that is important for the entire financial sector. We are pleased to note that the workload in implementing FATCA will be reduced for the financial institutions involved,” said Dr. Matthäus Den Otter, CEO of the SFA.

Press release, 4 December, 2012

The Swiss Funds Association www.sfa.ch

Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
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. Events – AIMA Australian Hedge Fund Forum, Sept. 16, Sydney[more]

    AIMA Australia invite you to join us at our annual Hedge Fund Forum on Tuesday 16th September 2014 at the Sofitel Sydney Wentworth. The AIMA Australian Hedge Fund Forum is a non-profit hedge fund conference organised by the industry for the industry, featuring quality Australian and internation

  2. Opalesque Exclusive: Loeb, Grantham cite growing economic concerns in letters[more]

    Bailey McCann, Opalesque New York: Hedge fund manager Daniel Loeb, head of Third Point, and Jeremy Grantham of Grantham, Mayo, Van Otterloo & Co. have both released their quarterly investor letters today. While news is positive on some fronts, and both men see pockets of opportunity, they also h

  3. Investing – Hedge funds expect Netflix earnings to catapult forward, Third Point's Loeb takes stakes in Fibra Uno, YPF, Royal DSM, Lake Capital in talks to back Engine Group[more]

    Hedge funds expect Netflix earnings to catapult forward From Investing.com: Netflix has made major strides forward in 2014 despite ongoing battles with the FCC and cable companies over the issue of net neutrality. The FCC has now received over 500,000 comments from the public on its pend

  4. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  5. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag