Wed, Aug 5, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Opus Fund Services to offer Markit's FATCA Compliance solution

Tuesday, October 29, 2013
Opalesque Industry Update - Opus Fund Services announced that it is offering clients a comprehensive solution for compliance with the Foreign Account Tax Compliance Act (FATCA). The solution will be delivered by the FATCA Service Bureau, a joint service from Markit and Compliance Technologies International (CTI).

FATCA requires non-U.S. foreign financial institutions (FFIs) and non-U.S. non-financial entities to identify and disclose their U.S. account holders and members. To avoid penalties from the US Internal Revenue Service, funds must identify their investors more thoroughly, even if they hold only non-US bank and securities accounts. It is estimated that the law will impact over 300,000 financial institutions and their funds across virtually every asset class.

With the FATCA Service Bureau, Opus is offering clients a one-stop solution to FATCA compliance that will classify funds and their investors, validate client documentation, electronically register FFIs, calculate withholdings on behalf of funds and handle annual reporting to the IRS.

Robin Bedford, Opus CEO commented “by integrating with the Markit offering, we can now provide a seamless solution for our clients. This enables required obligations to be met in advance of fast approaching deadlines, thereby avoiding punitive penalties for our clients and their investors.”

“It is an advantage for the funds industry that forward-looking administrators, like Opus, are seeking out solutions to the challenge of FATCA compliance. The service we will offer via Opus makes registering with and reporting to the IRS as seamless as possible,” said Lansing Gatrell, Director and Co-Head of Markit Counterparty Manager, the Markit service that together with CTI forms the FATCA Service Bureau.

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. Activist News - Celgene says patent-fighting hedge fund manager wants to short its shares[more]

    From Reuters.com: Celgene Corp, one of the world's largest biotechnology companies, has accused U.S. hedge fund manager Kyle Bass of attempting to profit from his attempts to wipe out several major drug patents through his Coalition for Affordable Drugs. The company asked the U.S. Patent and T

  2. Einhorn's Greenlight Capital hedge fund slumps 6.1 percent in July[more]

    From Reuters/Thefiscaltimes.com: Hedge fund mogul David Einhorn's Greenlight Capital slumped 6.1 percent in July and is now down 9 percent for the year after gold, one of the fund's top holdings, tumbled to five-year lows last week. Greenlight notified clients of its returns late on Friday, ac

  3. Performance - Some hedge fund small-cap energy stocks have been free falling, Dan Loeb's simple strategy destroys the market, Baupost lost 1.4% last quarter as energy bargains proved elusive[more]

    Some hedge fund small-cap energy stocks have been free falling From Marketrealist.com: According to a July 28, 2015, Bloomberg article, there was a 34% fall in small-cap energy stocks over the past three months. These shares are tracked by the Russell 2000 Energy Index. Small-cap energy

  4. Legal - Hedge funds hit Rothstein Kass with $75m malpractice suit, JPMorgan questioned on private bank’s hedge fund disclosures, Kijani fund, seized by regulators in Cayman Islands, spotlights risks in lightly regulated market[more]

    Hedge funds hit Rothstein Kass with $75m malpractice suit From Law360.com: Two investment funds have sued Rothstein Kass & Co. PC for at least $75 million, claiming the New Jersey auditing firm committed accounting malpractice by failing to properly scrutinize overblown valuations of the

  5. Assets - Hedge funds are getting smoked by the commodities slump, Global ETF assets could more than double by 2020[more]

    Hedge funds are getting smoked by the commodities slump From Businessinsider.in: The collapse in commodity prices has burnt another hedge fund. Vermillion, a commodity hedge fund backed by Carlyle Group, has seen its flagship fund's assets fall from nearly $2 billion to less $50 million,

 

banner