Mon, May 28, 2018
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. Investing - Hedge funds hike Smurfit Kappa positions amid takeover deal hopes, Hedge fund IBV Capital digs deep to unlock long-term value in a competitive market, Eisman of 'The Big Short' fame recommends shorting Deutsche Bank[more]

    Hedge funds hike Smurfit Kappa positions amid takeover deal hopes From Irishtimes.com: Two US hedge funds, Davidson Kempner and York Capital, have accumulated a combined 4.74 per cent interest in cardboard box maker Smurfit Kappa using financial derivatives. It comes as many investors cl

  2. Foundations of hedge fund managers gave big to controversial donor-advised funds[more]

    In the world of philanthropy and tax-deductible charitable giving, the explosion of donor-advised funds has touched off intense debate. Now, there is evidence that the DAF boom is being further fuelled by hedge fund foundation money. Four of the top five foundations that gave the most to large do

  3. Third Point to raise $400 million for SPAC, Farley to run it[more]

    From Reuters.com: Daniel Loeb's hedge fund Third Point LLC plans to raise $400 million for a "blank check" company which will be run by outgoing stock market operator NYSE Group President Thomas Farley, according to a regulatory filing made on Tuesday. The new company, referred to on Wall Stre

  4. Study: For hedge funds, smaller is better[more]

    From Institutionalinvestor.com: The smaller the hedge fund is, the better its performance is likely to be, according to a new study. The study - "Size, Age, and the Performance Life Cycle of Hedge Funds," released April 26 - sought to determine whether a hedge fund's size and age had any effect on i

  5. Hedge fund returns rose in April for first gain since January[more]

    From Bloomberg.com: Bloomberg Hedge Fund Database shows returns flat this year - Currency strategies had the biggest monthly gain at 13% Hedge fund returns increased 0.78 percent in April, reversing two consecutive monthly declines. The swing of 134 basis points was driven by gains in all seven