Fri, Dec 19, 2014
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. Investing - Big hedge funds win again on PetSmart, Riverbed, RBS sells real estate loans to hedge fund Cerberus, Talisman energy speculation: Which hedge funds could benefit?[more]

    Big hedge funds win again on PetSmart, Riverbed From CNBC.com: Another week, another set of wins for activist investors. On Sunday, pet supply retailer PetSmart agreed to the largest leveraged buyout of the year at $8.7 billion. Hedge fund firm JANA Partners had been pushing for a sale a

  2. Outlook - Hedge fund manager who remembers 1998 rout says prepare for pain, Bond guru Bill Gross predicts U.S. economic growth to dip to 2%[more]

    Hedge fund manager who remembers 1998 rout says prepare for pain From Bloomberg.com: Stephen Jen landed in Hong Kong in early January 1997 as Morgan Stanley’s newly minted exchange-rate strategist for Asia. He was soon working around the clock when investors began targeting the region’s

  3. Opalesque Exclusive: U.S. legal receivables fund launched in August[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Investing in asset-backed receivables is a strategy that has been an integral part of the alternative investment space within the overall fixed income asset c

  4. Comment - High fees and low performance hit hedge funds[more]

    From FT.com: Disenchantment over high fees and lackluster performance may finally be turning the tide against hedge funds, fresh data suggest. Despite generally weak returns since the global financial crisis, hedge funds have enjoyed positive net inflows every year since 2010. This helped assets und

  5. Performance - Lansdowne, Man Group, other hedge funds profit from shorts in oil, Turmoil boosts hedge funds that bet against Russia, oil, CTAs post strongest returns since December 2010[more]

    Lansdowne, Man Group, other hedge funds profit from shorts in oil From Valuewalk.com: The rising short interest in oil companies implies that the worst for oil is yet to come. Data from Markit shows that short exposure in energy sector of S&P 500 is still looming close to the highest mar