When crypto companies allegedly scam their clients, it’s often a disaster for the kids and old folks who are convinced to “invest.” But we expect better, much better, from Merrill Lynch, Pierce, Fenner & Smith, a pillar of the financial services world. That’s one reason it’s troubling to learn that the U. S. Securities and… Read More >>
Speed of Regulation Causes Tax Data Management Anxiety
Financial services firms engaged in securities transactions are falling behind in meeting tax burdens because the speed and complexity of regulatory change is causing tax data management anxieties, according to a new report from SIX Financial Information. This data disconnect is moving faster than firms can pull systems together to span the chasm, and faster… Read More >>
FATCA Foes Launch ‘Urgent Call to Arms’ to Repeal Tax
As the U.S. Senate moves ahead with a sweeping tax reform package that includes an estimated $1.4 trillion in tax cuts, the longtime foes of the controversial Foreign Account Tax Compliance Act (FATCA) are hoping for a Hail Mary pass amid the overhaul. Calling it an “urgent call to arms,” Nigel Green, founder and CEO… Read More >>
G.O.P. Legislators Push for FATCA Repeal
The effort to repeal Obama-era legislation is extending beyond the Affordable Care Act as Republican Congressman Mark Meadows and U.S Senator Rand Paul are taking steps to undo the Foreign Account Tax Compliance Act (FATCA), legislation that requires American citizens living abroad to pay taxes to the U.S. Meadows, who is a member of the… Read More >>
FATCA Spurs Banking Woes for Americans in Asia
More than half of Americans living in East Asia report that they encounter problems “accessing normal banking services” as a consequence of the controversial Foreign Account Tax Compliance Act (FATCA) of the U.S. Treasury, according to a poll via independent advisory group deVere Group. The deVere Group polled more than 2,500 Americans living in the… Read More >>
FATCA’s Foes Take Aim Again
After being mostly ignored during the U.S. presidential race last year, the repeal of Foreign Account Tax Compliance Act (FATCA) is being pushed again by the law’s most vocal opponent Nigel Green, founder and CEO of deVere Group. The far-reaching FATCA legislation, passed in 2010 under the Obama administration, requires Americans living overseas to pay… Read More >>
Broker Deploys Torstone’s Back-Office System in Four Months
U.K. Firm Wants Cost-Effective, Scalable Back Office Liberum, a pan-European investment bank, signed a multi-year deal with Torstone Technology in July to deploy the vendor’s Inferno back-office system and went live earlier this month with the new system, achieving a four-month implementation, according to Liberum and vendor officials. An employee-owned firm, Liberum offers pan-European equity… Read More >>
Regs, DLT & Emerging Markets to Reshape Securities Industry
Like scaffolding on a bank building, the securities industry is getting a make-over via the forces of regulation, new technologies and a reinvigorated emerging markets sector, according to the findings of Deutsche Bank and FT Remark, the research arm of the Financial Times, which conducted a survey of 200 financial services industry participants. In particular,… Read More >>
Credit Suisse, Ipreo, Symbiont, R3 Finish First Step for Syndicated Loan Blockchain
Blockchain Proof of Concept Effort Will Go On Credit Suisse, Ipreo, Symbiont and R3 have completed the successful initial stage of a project to demonstrate how blockchain technology can be used to improve the syndicated loan market, officials say. The proof of concept will continue throughout the year and will includes participation from agent banks,… Read More >>
Anti-FATCA Push Hits Roadblock in Israel
The Israeli Supreme Court has given the green light for U.S. authorities to gather the data they need from financial services firms to enforce the Foreign Account Tax Compliance Act (FATCA), which is seen as a setback for the anti-FATCA movement via international and U.S. court systems. The controversial FATCA legislation authorizes the U.S. government… Read More >>
