TMF Custom House Global Fund Services will help their clients register their funds according to the rules of the Foreign Account Tax Compliance Act and will manage data requests and input, analysis, and remediation as part of a new FATCA service, officials say. By the end of the year, as a result of the new… Read More >>
Breaking News: IRS Offers FATCA Relief
Although key deadlines remain, the IRS is signaling that there could be some enforcement and administration relief for financial services firms that make a “good faith effort” to meet the many requirements of the Foreign Account Tax Compliance Act (FATCA), according to a notice released late last week. The transition period and other guidance of… Read More >>
IRS Extends Registration Deadline for FATCA
The Internal Revenue Service has extended the deadline for foreign financial institution (FFI) registration under the Foreign Account Tax Compliance Act (FATCA) until May 5, and also has announced that more than 40 jurisdictions so far have reached agreements in substance with the United States on the terms of intergovernmental agreements (IGAs) under the Act…. Read More >>
CFTC to Revamp SDR Push as Aite Predicts CCP Woes
CFTC Calls for Comments for New SDR Rules The CFTC is taking its first major step in an overhaul of its swap data recordkeeping and reporting requirements with a call for public comment. The swaps data gathering is mandated by provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This step follows the… Read More >>
And, now, the Winter/Spring edition of FTF News Magazine
The long winter has given us at Financial Technologies Forum the extra time we needed to pull together many projects such as the Winter/Spring edition of the digital FTF News magazine, officially debuting today. In the meantime, the FTF News website has been re-launched and we have hit a warp speed that Captain Kirk would… Read More >>
Canada Gets on the FATCA Train
Canada has finally signed an intergovernmental agreement with the U.S. over the Foreign Account Tax Compliance Act and is pursuing the approval of Parliament for the deal. This is a significant step because so many citizens and financial services firms have multiple ties to the U.S. and Canada. They also have major unresolved concerns. The… Read More >>
CFTC Delays Swap Package Execution as SIX Financial Launches FATCA Service
Bowing to industry concerns, the CFTC has delayed a requirement that swap packages be transacted via swap execution facilities (SEFs), and has clarified that the mandatory SEF-based trading of interest rate swaps and index credit default swaps will begin on Feb. 15. Swap packages were granted a reprieve from the SEF mandate via a no-action… Read More >>
Time to Repeal FATCA?
FATCA opponent Nigel Green, CEO and founder of the deVere Group, a global financial advisory firm, fully supports a new Republican initiative to repeal the Foreign Account Tax Compliance Act, passed by the U.S. Congress in 2010. The Republican National Committee during its winter meetings late last month vowed to stop the controversial law, which… Read More >>
The GOP Wants to Repeal FATCA
As securities firms race to meet the deadlines of the Foreign Account Tax Compliance Act, the Republican National Committee during its winter meetings last week called for a repeal of FATCA. The move was applauded by the law’s opponents but others caution that firms should stay the course amid a very tight if capricious regulatory… Read More >>
Readers Pick FATCA as Top Story for 2013
Three of the top news stories for 2013 among FTF News readers dealt with the Foreign Account Tax Compliance Act (FATCA). The adoption of the Volcker Rule by regulators was the second most popular story while the FIX protocol’s advances into post-trade processing also attracted lots of attention. SAC Capital’s admission of guilt also garnered… Read More >>
