Tue, Jul 26, 2016
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. Opalesque Exclusive: California-based manager launches long/short equity hedge fund with unique algorithm[more]

    Benedicte Gravrand, Opalesque London for New Managers: SJL Capital LLC, an investment advisory firm based in California, has launched its maiden fund, the SJL MarketDNA Hedge Fund LP. The fund, which began trading

  2. Manny Roman to move from Man to Pimco[more]

    Benedicte Gravrand, Opalesque London: Emmanuel (Manny) Roman, an investment world veteran, has been hired by PIMCO, the large US bond fund house, as chief executive officer. PIMCO's current CEO Douglas Hodge will assume a new role as managing director and senior advisor when Roman joins P

  3. HFR: Hedge funds post strong gains in mid-July as markets recover from Brexit losses[more]

    Komfie Manalo, Opalesque Asia: Hedge funds posted strong gains through mid-July as the equity markets continued the recovery from Brexit losses. The HFRX Market Directional Index gained +2.17% (+4.22% YTD) and the HFRX Global Hedge Fund Index gained +1.03% through mid-month (+0.19%

  4. News Briefs - Carlyle goes on trial for a financial-crisis meltdown, Private equity and venture capital outperformed public markets in 2015, Pippa Middleton gets engaged to hedge fund manager James Matthews[more]

    Carlyle goes on trial for a financial-crisis meltdown Carlyle Group co-founder Bill Conway was in court on this small island last week recounting one of the most bruising episodes in his private-equity firm’s history: the 2008 collapse of mortgage-bond fund Carlyle Capital Corp. Carlyle

  5. …And Finally - Two men fall off cliff playing Pokemon Go[more]

    From BizarreNews.com: Two men who fell from a seaside cliff north of San Diego told authorities they became distracted while playing augmented reality game Pokemon Go. Encinitas fire Battalion Chief Robbie Ford said one of the men fell about 50 feet down the bluff in Encinitas while the other man fe