FATCA

You want FATCA simplified.

Then you need a CPA firm with FATCA expertise for managed funds.

When the Treasury Department released the proposed FATCA regulations in 2012, there were many outstanding questions, and FATCA’s application to the alternative investment industry was unclear. The Treasury Department released the final FATCA regulations on January 17, 2013, and we now have a better understanding of how the alternative investment industry needs to prepare and adapt.

In response to the final regulations, we updated our FATCA Insights incorporating the latest FATCA regulations, an update on the increasing number of intergovernmental agreements (IGAs), and our interpretation of what this information means to hedge funds, commodity pools, and feeders (together, referred to here as “managed funds”) as well as portfolio managers, investment advisers, trading advisors, and commodity pool operators (together, referred to here as “fund managers”).

Our FATCA Insights address the following topics:

  1. What does FATCA require of managed funds and fund managers?
  2. Are non-U.S. managed funds and fund managers foreign financial institutions?
  3. What payments to non-U.S. managed funds and fund managers are withholdable payments?
  4. Is there any way out of all this?
  5. What is the difference between the two Model IGAs and which countries have signed them?
  6. What are the major provisions of the FFI agreement?
  7. What investor account details must managed funds report?
  8. What due diligence must managed funds do?
  9. What will managed funds and fund managers be required to do as withholding agents?
  10. When will managed funds and fund managers need to do all this?
  11. What do fund managers need to do right now?
  12. What are some of the key FATCA terms?

 

Please note that our FATCA Insights are not intended to be a guide for any single managed fund or fund manager. How FATCA applies to any managed fund or fund manager depends on its structure, the composition of its investors and equity holders, and several other factors.

Please call or write to your primary Arthur Bell contact or one of the following members of the FATCA Task Force if you have any specific questions:

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