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Market data and financial systems provider Thomson Reuters has added to its Foreign Account Tax Compliance Act (FATCA) Grandfathered Obligations (GO) solution by including material modifications flags, say company officials.
The new material modifications feature will help financial institutions such as custodian banks, better determine the FATCA eligibility of financial instruments when and if an underlying debt modification occurs and changes an instrument’s GO status, officials say. The solution will also monitor material modifications that may remove or add an exemption for FATCA withholding.
Vendor officials add that the material modifications flag is generated daily and provides customers with a comprehensive overview of underlying material changes for millions of instruments in accordance with the FATCA and Thomson Reuters related methodology.
Thomson Reuters launched FATCA GO a year ago to identify and tag securities of US sourced dividends, interest and other fixed or determinable annual/ periodic income (FDAP income) and those that are exempt (Grandfathered) from FATCA withholding as of June 30, 2014, officials say.
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