Mon, Jun 18, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Citco launches FATCA compliance program for clients

Monday, October 01, 2012
Opalesque Industry Update - The Citco Group of Companies (“Citco Group”), a worldwide group of leading independent financial service providers, announced that it has undertaken an extensive Group-wide initiative to ensure full compliance with FATCA regulations. This announcement follows the publication of the proposed FATCA regulations released February 8, 2012 and the Model Intergovernmental Agreement (“IGAs”) of July 26, 2012 as well as the announcement of the first signed IGA between the USA and the UK of September 14, 2012.

Where appropriate, companies within the Citco Group will register as Participating Foreign Financial Institutions (FFIs). FATCA compliance will also cover services that are delegated by various Citco Group companies to external service providers, for example, sub custodians and correspondent banks. The Citco Group will therefore be requesting all its FFI clients and counterparties to confirm their intention to become fully compliant with the FATCA regulations by the effective date.

The Citco Group’s Fund Services division has also developed a comprehensive Reporting Service to assist fund administration clients comply with FATCA. The service will provide clients with:

  • detailed data analysis on each fund;
  • investor classification and a gap analysis to identify where further information may be required; and
  • assessment report outlining the remediation steps required for each fund to become FATCA compliant.
William Keunen, Director of Citco Fund Services, said, “Citco has a long history of providing leading edge solutions and services to suit the needs of our sophisticated clients. We look forward to leveraging our new FATCA Reporting Service program to assist them in navigating the FATCA process.”

The Citco Group commenced its FATCA program in early 2011 and is currently closely monitoring any FATCA information released by the IRS as well as the impact the IGAs will have on Citco’s FATCA obligations. Citco will provide ongoing updates on its program and compliance status, and will continue to participate in industry groups involved in lobbying the IRS, the Treasury, and local government to simplify the FATCA compliance process.

Press release

bc

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. Lyxor recommends stockpicking strategies, L/S equity hedge funds well equipped for turbulent markets[more]

    Matthias Knab, Opalesque: Market developments in May saw some trend reversals across the fixed income and commodity space. On the one hand, the unfolding of the Italian political crisis coincided with a rebound of U.S. Treasuries during the second half of May. On the other hand, the rising likeli

  2. North America - George Soros: 'Everything that could go wrong has gone wrong'[more]

    From Marketwatch.com: George Soros, tell us how you really feel. 'Everything that could go wrong has gone wrong. [Trump] is willing to destroy the world.' The 87-year-old billionaire clearly isn't shy about expressing his generally liberal views and distaste for Trump's "America First" platform,

  3. Paper: The performance of stocks actively pitched by hedge funds[more]

    Using a novel dataset drawn from investment conferences from 2008 to 2013, I show that hedge funds take advantage of the publicity of these conferences to strategically release their book information to drive market demand. Specifically, hedge funds sell pitched stocks after the conferences to ta

  4. North America - US fundraising for special purpose acquisition vehicles hits record this year[more]

    From AFR.com: Special purpose acquisition vehicles (spacs) are hitting the US market at the fastest rate on record, attracting the likes of Goldman Sachs and hedge fund investor Daniel Loeb for the two largest such deals in 2018. Spacs have raised $US4.5bn so far in 2018, the largest amount fo

  5. Investing - Man Group and AQR try to take aim at private equity industry, Hedge funds poised to be winners in AT&T-Time Warner deal[more]

    Man Group and AQR try to take aim at private equity industry From FT.com: The popularity of private equity investments has prompted asset managers such as Man Group and AQR to devise strategies that aim to replicate PE returns but at a much lower cost to investors. Both companies a