Wed, Apr 1, 2015
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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. Other Voices: The role of diversification in CTA portfolios[more]

    2014 brought a resurgence of managed futures strategies, or CTAs, which performed very well as a whole, outperforming all other hedge fund strategies. However, a closer look reveals that there was a wide range of performance, or return dispersion, across managers. The bottom line? Not all CTAs

  4. Neuberger Berman unit buys 20% stake in activist hedge fund Jana Partners for $2bn[more]

    Komfie Manalo, Opalesque Asia: Neuberger Berman’s unit Dyal Capital Partners bought a 20% stake in activist hedge fund firm Jana Partners worth $2bn, WSJ.com reports. The deal comes as activi

  5. Hedge fund launches fall again, $1bn funds found to outperform even smaller hedge funds[more]

    Komfie Manalo, Opalesque Asia: The number of new hedge fund launches fell again in 2014, the third consecutive year of decline, while fund liquidations saw their first drop since 2010, according to the latest HFR Market Microstructure Industry Report released by industry data provider HFR. Acc

 

banner