This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on FATCA and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/fatca
The 440 page LexisNexis® Guide to FATCA Compliance was designed in consultation, via numerous interviews and meetings, with government officials, NGO staff, large financial institution compliance officers, investment fund compliance officers, and trust companies, from North and South America, Europe, South Africa, and Asia, and in consultation with contributors who are leading industry experts. The contributors hail from several countries and an offshore financial center and include attorneys, accountants, information technology engineers, and risk managers from large, medium and small firms and from large financial institutions. Thus, the challenges of the FATCA Compliance Officer are approached from several perspectives and contextual backgrounds. See http://www.lexisnexis.com/store/catalog/booktemplate/productdetail.jsp?pageName=relatedProducts&prodId=prod19190327
This 28 chapter Guide contains three chapters written specifically to guide a financial institution's lead FATCA compliance officer in designing a plan of internal action within the enterprise and interaction with outside FATCA advisors with a view of best leveraging available resources and budget [see Chapters 2, 3, and 4]. Sample chapter available at http://www.lexisnexis.com/store/images/samples/9780769853734.pdf
Learn more about the Foreign Account Tax Compliance Act (FATCA), including FFI, NFFE, GIIN, FATCA Timeline, and more, from the International Tax Partners at Citrin Cooperman.
View the recorded FATCA webinar presentation here: http://www.citrincooperman.com/Webinars/FACTA-Webinar.aspx
www.citrincooperman.com
Foreign account tax compliance act (FATCA) impact to Netherlands Financial In...Henk-Jan van der Klis
Foreign account tax compliance act (FATCA) impact to Netherlands Financial Institutions. Key topics, major milestones and a call to act now to safeguard compliance.
The 440 page LexisNexis® Guide to FATCA Compliance was designed in consultation, via numerous interviews and meetings, with government officials, NGO staff, large financial institution compliance officers, investment fund compliance officers, and trust companies, from North and South America, Europe, South Africa, and Asia, and in consultation with contributors who are leading industry experts. The contributors hail from several countries and an offshore financial center and include attorneys, accountants, information technology engineers, and risk managers from large, medium and small firms and from large financial institutions. Thus, the challenges of the FATCA Compliance Officer are approached from several perspectives and contextual backgrounds. See http://www.lexisnexis.com/store/catalog/booktemplate/productdetail.jsp?pageName=relatedProducts&prodId=prod19190327
This 28 chapter Guide contains three chapters written specifically to guide a financial institution's lead FATCA compliance officer in designing a plan of internal action within the enterprise and interaction with outside FATCA advisors with a view of best leveraging available resources and budget [see Chapters 2, 3, and 4]. Sample chapter available at http://www.lexisnexis.com/store/images/samples/9780769853734.pdf
Learn more about the Foreign Account Tax Compliance Act (FATCA), including FFI, NFFE, GIIN, FATCA Timeline, and more, from the International Tax Partners at Citrin Cooperman.
View the recorded FATCA webinar presentation here: http://www.citrincooperman.com/Webinars/FACTA-Webinar.aspx
www.citrincooperman.com
Foreign account tax compliance act (FATCA) impact to Netherlands Financial In...Henk-Jan van der Klis
Foreign account tax compliance act (FATCA) impact to Netherlands Financial Institutions. Key topics, major milestones and a call to act now to safeguard compliance.
“People who have offshore assets will now nd it very difcult to hide investments and corresponding income from eyes of governments of both countries.
GEO NECF 2015 - Exploring the Challenges of Tax Compliance and the W-8BENAndrea Huck-Esposito
With the many complex brokerage challenges servicing international participants - foreign jurisdictional restrictions, FATCA compliance, IRS guidelines and many more, having an understanding of the shared ownership between you and your broker can help navigate the difficulties of ensuring your participants’ compliance with tax regulations. In this presentation, Andrea Kagan, Solium, will be joined by Brian Burke of TD Ameritrade and Andrew Gerwirtz of KPMG. The trio will discuss their views on the shared ownership of understanding the in and outs of the W-8 and how it impacts international employees and a mobile workforce.
Do Your Withholding Processes Comply with FATCA?CBIZ, Inc.
The recently enacted Foreign Account Tax Compliance Act (FATCA) added a chapter to the Internal Revenue Code designed to prevent U.S. persons from using offshore accounts and investments to evade U.S. tax. Effective July 1, 2014, any person making a payment of U.S. source income to either a Foreign Financial Institution (FFI) or a Non-Financial Foreign Entity (NFFE) must consider whether it is subject to FATCA.
FATCA Compliance: Riding a Roller Coaster of Regulatory ChangeBroadridge
FATCA will impose new due diligence, withholding, and reporting requirements on financial institutions. This paper outlines the significant regulatory change FATCA brings to provide the IRS with an increased ability to detect U.S. tax evaders—specifically, those among U.S. “persons” (individuals or entities) who maintain foreign accounts and investments either directly or indirectly, through their ownership in foreign entities.
FATCA: why is it so difficult even after so many years?HEXANIKA
Under this law, all non-U.S. Foreign Financial Institutions (FFI’s) are required to search their records for U.S. persons and to report the assets and identities of such persons to the U.S. Department of the Treasury. Read the detailed report here:
The Volcker Rule: Its Implications and AftereffectsHEXANIKA
The Volcker Rule is named after Paul A. Volcker, chairman of the Federal Reserve during the 1980s and an elder statesman of the financial world. He acted as an advisor for President Obama in 2008 and was instrumental in the passing and creation of the Rule. It aims to prevent large banks from engaging in speculative trading activity with the idea that important banks support the economy by lending to consumers and businesses. We briefly explain the Volcker Rule, the challenges it brings to banks and how they can be addressed:
Hear from Mike Pewton, Executive Director Global Compliance, Solium, and Andrew Kagan, Director Global Compliance, Solium, about parent company, local employer and employee obligations at a glance.
For more information about Global Equity's original webinar which featured this presentation, visit the following link:
http://www.globalequity.org/geo/Webcast-14September2016
The Impact of FATCA and CRS on Employee Share Plans and Share OwnershipAndrea Huck-Esposito
2015 heralds the start of US FATCA report submissions, requiring global reporting of financial accounts to the US. Following on from FATCA, the Organisation for Economic Co-operation and Development (OECD) are introducing agreements for a Common Reporting Standard (CRS). The CRS is designed to extend ‘FATCA-style’ reporting across other jurisdictions with an expectation that over 40 countries will adopt this. Join this informative discussion to better understand what FATCA and CRS means, learn about the related time frames and reporting obligations, and more importantly, find out what the impact of these regulations is to both employee share plans and share ownership. Come with questions, leave with answers on this tricky topic.
First came FATCA, now comes the Automatic Exchange of Information: is it just...sgarazi
Management of Regulatory Projects:
First came FATCA, now comes the OECD's Automatic Exchange of Information: is it just "copy & paste"? Which challenges exist?
FATCA Imperative: A Practical Approach to ComplianceGeorge Kyroudis
The U.S. Treasury Department and IRS have released the final regulations under the Foreign Account Tax Compliance Act (FATCA). Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets...
A Summary of AIFMD and How it Affects Hedge FundsJacques Joubert
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on AIFMD and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/aifmd
“People who have offshore assets will now nd it very difcult to hide investments and corresponding income from eyes of governments of both countries.
GEO NECF 2015 - Exploring the Challenges of Tax Compliance and the W-8BENAndrea Huck-Esposito
With the many complex brokerage challenges servicing international participants - foreign jurisdictional restrictions, FATCA compliance, IRS guidelines and many more, having an understanding of the shared ownership between you and your broker can help navigate the difficulties of ensuring your participants’ compliance with tax regulations. In this presentation, Andrea Kagan, Solium, will be joined by Brian Burke of TD Ameritrade and Andrew Gerwirtz of KPMG. The trio will discuss their views on the shared ownership of understanding the in and outs of the W-8 and how it impacts international employees and a mobile workforce.
Do Your Withholding Processes Comply with FATCA?CBIZ, Inc.
The recently enacted Foreign Account Tax Compliance Act (FATCA) added a chapter to the Internal Revenue Code designed to prevent U.S. persons from using offshore accounts and investments to evade U.S. tax. Effective July 1, 2014, any person making a payment of U.S. source income to either a Foreign Financial Institution (FFI) or a Non-Financial Foreign Entity (NFFE) must consider whether it is subject to FATCA.
FATCA Compliance: Riding a Roller Coaster of Regulatory ChangeBroadridge
FATCA will impose new due diligence, withholding, and reporting requirements on financial institutions. This paper outlines the significant regulatory change FATCA brings to provide the IRS with an increased ability to detect U.S. tax evaders—specifically, those among U.S. “persons” (individuals or entities) who maintain foreign accounts and investments either directly or indirectly, through their ownership in foreign entities.
FATCA: why is it so difficult even after so many years?HEXANIKA
Under this law, all non-U.S. Foreign Financial Institutions (FFI’s) are required to search their records for U.S. persons and to report the assets and identities of such persons to the U.S. Department of the Treasury. Read the detailed report here:
The Volcker Rule: Its Implications and AftereffectsHEXANIKA
The Volcker Rule is named after Paul A. Volcker, chairman of the Federal Reserve during the 1980s and an elder statesman of the financial world. He acted as an advisor for President Obama in 2008 and was instrumental in the passing and creation of the Rule. It aims to prevent large banks from engaging in speculative trading activity with the idea that important banks support the economy by lending to consumers and businesses. We briefly explain the Volcker Rule, the challenges it brings to banks and how they can be addressed:
Hear from Mike Pewton, Executive Director Global Compliance, Solium, and Andrew Kagan, Director Global Compliance, Solium, about parent company, local employer and employee obligations at a glance.
For more information about Global Equity's original webinar which featured this presentation, visit the following link:
http://www.globalequity.org/geo/Webcast-14September2016
The Impact of FATCA and CRS on Employee Share Plans and Share OwnershipAndrea Huck-Esposito
2015 heralds the start of US FATCA report submissions, requiring global reporting of financial accounts to the US. Following on from FATCA, the Organisation for Economic Co-operation and Development (OECD) are introducing agreements for a Common Reporting Standard (CRS). The CRS is designed to extend ‘FATCA-style’ reporting across other jurisdictions with an expectation that over 40 countries will adopt this. Join this informative discussion to better understand what FATCA and CRS means, learn about the related time frames and reporting obligations, and more importantly, find out what the impact of these regulations is to both employee share plans and share ownership. Come with questions, leave with answers on this tricky topic.
First came FATCA, now comes the Automatic Exchange of Information: is it just...sgarazi
Management of Regulatory Projects:
First came FATCA, now comes the OECD's Automatic Exchange of Information: is it just "copy & paste"? Which challenges exist?
FATCA Imperative: A Practical Approach to ComplianceGeorge Kyroudis
The U.S. Treasury Department and IRS have released the final regulations under the Foreign Account Tax Compliance Act (FATCA). Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets...
A Summary of AIFMD and How it Affects Hedge FundsJacques Joubert
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on AIFMD and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/aifmd
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on AIFMD and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/aifmd
Fund Regulation - Global Perspectives' Key Updates for 2015 GECKO Governance
This Fund Regulation 2015 update covers key updates from the main pieces of regulation impacting the investment fund industry this year.
Key regulatory updates include:
• AIFMD: update on Annex IV Reporting, Authorisation, Key dates in 2015
• FATCA: latest news from the IRS and key dates ahead, as well as CRS update
• UCITS V: progress on with implementation (remuneration & depositary) and key points to consider
• EMIR: latest requirements for reporting and implementation
• Solvency 2: impact on asset managers in the year ahead
• MiFID 2: update on MiFID reporting (MiFIR), fee disclosure and the impact on research
• How Global Perspectives can assist with your operational regulatory requirements
Contact us for more information:-
Shane@globalperspective.co.uk
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on Dodd Frank and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/dodd-frank
Presentation by Maurice Blackburn head of Superannuation John Berrill to the Association of Superannuation Funds of Australia (ASFA) National Conference, Melbourne, 2014.
View John's profile: http://www.mauriceblackburn.com.au/our-people/lawyers/john-berrill/
Presentation delivered by Camille Evans, International Tax Director, Eastman Chemical Company and Tasheaya Warren Ellison, Senior Tax Attorney – Tax Dispute Resolution, Shell Oil Company at the marcus evans Tax Officers Summit 2016 in FL.
Automatic exchange of financial account information - March 2016nztaxpolicy
Presentation about New Zealand's proposed implementation of the GE20/OECD automatic exchange of information (AEOI) initiative.
Version for 14 March 2016 presentation at Inland Revenue, Wellington, New Zealand and 17 March 2016 audio conference.
For more information see:
http://taxpolicy.ird.govt.nz/topical-issues/implementing-aeoi
Current Tax Planning Techniques in U.S. and International TransactionsWinston & Strawn LLP
The Real Deal webinar, “Current Tax Planning Techniques in U.S. & International Transactions,” focused on the tax issues relating to both domestic and cross-border transactions. In the domestic area, we reviewed structuring and other common tax issues in the acquisition of domestic C corporations, S corporations, and partnerships. In the international area, we covered structuring issues relating to acquisitions of foreign targets by U.S. corporations, as well as current developments related to inversions in light of IRS Notice 2014-52 and new IRS Notice 2015-79.
Automatic exchange of financial account informationnztaxpolicy
Presentation about New Zealand's proposed implementation of the GE20/OECD automatic exchange of information (AEOI) initiative.
Delivered on 7 March 2016 at Chartered Accountants Australia and New Zealand, Auckland, New Zealand.
For more information see:
http://taxpolicy.ird.govt.nz/topical-issues/implementing-aeoi
A presentation that Andreas and my self (Jacques) presented on behalf of the Financial Services Board both in Cape Town and Pretoria as well as the University of Stellenbosch
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and International Developments"
These notes focus on UCITS IV and its Impact on the Industry.
http://www.hedgefund-sa.co.za/ucits
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on Solvency II and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/solvency-ii
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on the amended Regulation 28 South Africa and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/regulation-28
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on the new proposed Hedge Fund framework in South Africa and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/new-proposed-framework
A short PPT that we used in creating our youtube video on Hedge funds and their clients.
Here is a link to the video: http://www.youtube.com/watch?v=miaqaAe83h4
And our Website: http://www.hedgefund-sa.co.za/
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
2. Brief Overview
• Stands for Foreign Account Tax Compliance Act
(FATCA):
– Derived from the Hiring Incentives to Restore
Employment (HIRE) Act
– Developed to prevent tax evasion by United States
persons and companies
– Final revision was made in January of 2013, and
the registration deadline is on October 13, 2013
3. Overview of Steps to Prepare for
FATCA
• Determining whether to comply with FATCA
• Registration with the IRS
• Documentation, due diligence, withholding,
and reporting requirements
• Who are withholding agents and what do they
do?
• Expanded Affiliated Groups (EAGs)
4. Determining whether to become
compliant with FATCA
• Compliance allows Foreign Financial
Institutions (FFIs) to be exempt from the 30%
withholding requirements:
– This would be withheld on the sale of US
securities, dividends and interest payments
• Non-compliance could lead to the interest of
additional investors.
5. Registration with the IRS
• Portal Registration:
– Electronic method of registration for attaining global
intermediary identification number (GIIN)
– Available on the IRS webpage
– Much quicker response time on processing of the
application
• Required Registration Information:
– Properties of the approved FFI registrants list
– Form 1042-S
6. Documentation, Due Diligence, Withholding,
and Reporting Requirements
• Documentation and Due Diligence:
• Classifying the Payee
– Payees are those receiving the payments for withholding
– Exemptions are defined, but must be analyzed carefully
– Who are the entities acting as payees?
• Partners
• Beneficiaries
• Owners
• Any other flow through entities, which are not included in the
exceptions list
7. Documentation, Due Diligence, Withholding,
and Reporting Requirements
• Documentation and Due Diligence:
• Documentation Requirements for Payees
– Certifications will need to be attained to operate
• Form W-9
• Form W-8
– Changes may be made to the certification
requirements and what information is required
8. Documentation, Due Diligence, Withholding,
and Reporting Requirements
• Documentation and Due Diligence:
• Due Diligence Requirements
– There are two levels of due diligence:
• Individual level
– Will primarily involve new accounts
• Entity level
– Will consist of supplying overall fund information involving
clients for FATCA
9. Documentation, Due Diligence, Withholding,
and Reporting Requirements
• Documentation and Due Diligence:
• Withholding
– January 1, 2014 will initiate withholdings on
withholdable payments
– Review of entities by USWAs is allowed to ensure
the proper documentation requirements are met
– Gross proceeds will be collected in January 1,
2014
10. Documentation, Due Diligence, Withholding,
and Reporting Requirements
• Documentation and Due Diligence:
• Withholding
– Withholding agents are liable for collections of
withholding payments
• Are accountable for understanding the guidelines to
follow
– Withholding deposits are held to strict guidelines
and will be penalized for delayed payments
11. Documentation, Due Diligence, Withholding,
and Reporting Requirements
• Documentation and Due Diligence:
• Reporting
– Form 1042-S is the main source of information
between USWAs and the IRS
• Will be filed on an annual basis
– Form 8966 reports US investors involved with FFIs
on an investor relationship level, and USWAs will
be required to file this for US investors who have
investor relations with passive NFFEs
12. Who are withholding agents and what
do they do?
• Two types of agents
• US persons who control withholding and foreign pass-
through payment activities
• Those recognized as USWAs through Form W-8
certification
• USWAs primarily work out of partnerships,
corporations, domestic estates, and any trusts
supervised by US authorities.
13. Expanded Affiliated Groups
• The majority of EAGs will be required to
comply with FATCA
• Requires related entities of FFIs, which are
also FFIs to register unless qualifying for an
exemption
• FFIs will need to determine if the structuring
of their EAG(s) will label it as an FFI
14. Expanded Affiliated Groups
• EAGs can be described as being similar to a
feeder in how it operates
1. The parent (master in the prior illustration) to
the EAG(s) would meet the set requirements of
ownership for the minimum of one EAG, and
2. “Stock meeting the ownership requirement”
by all associated EAGs (in addition to the parent)
in possession of “one or more of the other
members” of the EAG.
15. Expanded Affiliated Groups
• Ownership requirements are set at the
minimum of 50% for voting rights, and a
minimum of 50% of the total value of
includable corporations stock is owned.
16. Expanded Affiliated Groups
• Deciding whether an entity is an EAG or not:
– Those who are in position of a quantity of option
contracts that could possess majority ownership in an
includable corporation if executed are included.
– Pass-through entities will be included if there is proof
that the parent entity possesses a minimum of 50%
ownership in the entity.
– Entities that were funded by seed capital of the parent
entity are excluded by the seed capital exception.
17. Expanded Affiliated Groups
• Reporting
– All entities related to the FFI must be reported if
under jurisdiction of an IGA
– There is a difference between related entities and
EAGs
– IGAs are allowed to decide whether an entity is
considered related, unless it is an EAG
– FFIs in domiciles that prohibit the release of
information about related entities will not be labeled
non-compliant if all other information requested is
given.
18. Impact on Non-US Funds
• Withholding tax of 30% on US investors will be
enforced on persons receiving direct and
indirect payments from non-US funds
• Non-US entities can avoid this withholding tax
if the strict reporting requirements are met
• Other substance that will need to be observed
relate to how FATCA will be implemented.
19. Impact on Asset Management and
Managers
• Asset managers will need to perform the
required tasks before withholding registration
can be completed.
– The registration date is October 25, 2013
• Third party service providers are allowed to
assist with implementation.
20. Impact on Hedge Funds
• Compliance is recommended
• Initial expenses in implementing FATCA may be
significant
• On-boarding processes may need restructuring to
comply with due diligence
• New standards of reporting US investor
information to US authorities will be in effect
• Changes may need to be made to reporting and
tax withholding procedures, plus additional
information about the US investors for due
diligence
21. Impact on Hedge Funds
• US client information will be sent after one year after
registration, and the second year and subsequent years
will report the amount of withholding taxes paid
• FATCA responsibilities will fall to fund administration
and managers
– Responsibilities will be dealt out by directors of the fund,
and will also decide on whether to be a PFFI or not
• Administrators are mainly responsible for producing
reports and calculating withholding payments
22. Impact on Hedge Funds
• Prerequisites to implementing FATCA will need to
be performed
• For those who choose to comply, there are
several steps that need to be taken with
compliance for implementation
• There will be continued compliance standards
that will need to be met each year for continuing
compliance with FATCA
• Hiring legal, technology, compliance, and
operational consultants can simplify the
transitioning process for complying with FATCA
23. Impact on Private Equity
• Most private equity funds are labeled as FFIs and
are mandated to comply with FATCA
• Private equity funds are advised to inform current
investors of changes that will be made, and to
update marketing material
• Investment strategies may need to be altered to
reach greater returns based on changes from
withholding taxes
• Those involved with operations of the fund,
including investors and third party providers, will
need to be briefed on the changes made
24. Impact on Multinational Corporations that are
not in the Financial Services Industry
The main purpose of non-financial foreign entities
(NFFEs)in FATCA are for withholding purposes.
Payments that NFFEs make might require the NFFE
to be subject to reporting and withholding.
NFFEs must minimally review how FATCA may
impact operations for their entity.
• Broad Span Definition of FFIs
• Withholdable Payments
• NFFEs
25. Impact on Multinational Corporations that are
not in the Financial Services Industry
• Broad Span Definition of Foreign Entities:
– Multinational corporations who have expanded
entities that perform financial transactions are
included
• Includes foreign holding companies and treasuries, but are
accepted for some exceptions
– NFFEs that qualify are subject to withholdings up to a
maximum of 25%
– Exceptions will be exempt if any EAGs are found to be
an AIF
– Holding companies and treasuries who are associated
with FFIs are exempt from exceptions
26. Impact on Multinational Corporations that are
not in the Financial Services Industry
• Broad Span Definition of Foreign Entities
– Pensions and retirement funds will desire to
inspect their investment strategy to best suit its
participants
– IGAs and the final draft of FATCA have developed
exemptions for pensions and retirement funds,
but will need to be analyzed by these funds to
assure that they qualify, and make sure their
participants’ contributions are untouched
27. Impact on Multinational Corporations that are
not in the Financial Services Industry
• Withholdable Payments
– NFFEs will need to conclude what payments may be
transacted over the border that is defined by FDAP
– Most overhead and operational costs are exempt
– Hedging, swaps, and futures exchanging with non-US
FFIs can eliminate the exemptions
– If there is belief that errors have been made with
compliance implementation, an audit and correction
procedures should be performed promptly
28. Impact on Multinational Corporations that are
not in the Financial Services Industry
• Withholdable Payments
– Loans and leases taken out from an FFI by a US
fund could be required to withhold the interest
payments on what was borrowed
– NFFEs that distribute dividends or interest should
document each shareholder that receives these
payments
– NFFEs are liable for unfulfilled responsibilities
involving withholding and reporting about third
party agents
29. Impact on Multinational Corporations that are
not in the Financial Services Industry
• NFFEs
– NFFEs generally do not have to sign FFI
agreements, but are required to be compliant to
FATCA unless they can meet the exemption
qualifications
– NFFEs could also be exempt by meeting certain
entity or activity requirements
– Non-exempt NFFEs are labeled as passive NFFEs
• Must disclose US investor information and file a Form
8966 with the IRS
30. US Persons
• There are three types of US persons:
– US citizens
– Legal US residents
– Persons residing in the US
• Non-US persons will be impacted very lightly with
FATCA
– Those who refuse documentation for FATCA will have
to cope with withholding taxes
• US persons may be asked to file a Form W-9
– Those who do not comply would encounter
withholding taxes
31. US Persons
• Evaluating an Investors Positions:
– US persons will want to perform due diligence on
FFIs they may potentially invest in
– US persons with positions in FFIs will be required
to report balances of foreign investments on their
Form 1040
– It is advised that US persons invested in FFIs speak
with a tax professional to construct a game plan
32. Conclusion
• The amount of money that is being prevented
from “evading” the US is less than .006% of
the US GDP last year
– The amount that is prevented from evasion is
insignificant overall
• It will be burdensome to implement FATCA’s
compliance requirements
• FATCA is not highly esteemed among the
financial industry
33. Conclusion
• FATCA’s implementation process is very
intricate
• Requirements are inconvenient, especially
while trying to implement AIFMD into a fund’s
operations during the same year
• This is not a proper way to stimulate economic
growth
• Overall impact of FATCA is yet to be
determined