Fri, May 24, 2013
A A A
Welcome Guest
Free Trial RSS
New! Family Office and Investor Database with 11,750 contacts
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

Article link

What do you think?
   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Banner
Today's Exclusives Today's Other Voices Banner More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Endurance Series Trust launches first mutual fund, multi-series trust[more]

    Bailey McCann, Opalesque New York: Endurance Series Trust, a multi-series trust, is launching with Gator Capital Management, LLC as the adviser for the Trust’s first mutual fund series. Endurance Fund Services, LLC, an independently owned and operated fund administration company will serve as t

  2. Morgan Creek Capital Management to acquire Signet Capital Management[more]

    Bailey McCann, Opalesque New York: Investment firm Morgan Creek Capital Management has acquired Signet Capital Management a UK-based credit fund of funds with $700M in assets under management. Under the agreement, Signet will contribute its funds and senior investment management team to Morgan Creek

  3. North America – Students are launching hedge funds on colleges across America[more]

    From Valuewalk.com: …From Cornell, whose student-run hedge fund beat Wall Street returns to the University of Michigan, which allows its students to manage as much as $250,000, student hedge fund are becoming a more prominent part of financial education. Their success has attracted the attention of

  4. Comment – Can hedge funds survive Bernanke?[more]

    From Bloomberg.com: …The biggest reason for the market tranquility might be the Federal Reserve's repeated assurances that it will maintain zero interest rates and provide monetary stimulus until the economy recovers, and unemployment ebbs. That may just account for the recent flurry of storie

  5. A SQUARE 21 Sep 2012: Analysis: London-based Wine Asset Managers LLP sees good fundamentals for entering the investment-grade wine market. Fund profile: St. Louis, Missouri-based alternative asset manager Xiling Group specializes in Chinese treasures and enhances asset value through museum exhibitions.
Click here for More about Opalesque Tracking
- A new, unique Premium Service -
  1. New Zealand
  2. Aspiring
  3. wine investment
  4. Commodity Strategies
  5. Penrich
  1. managed account
  2. man group
  3. Ucits
  4. asian hedge fund
  5. launch