Fund Managers Must Face The Reality Of FATCA — Now
Law360, New York (September 24, 2014, 3:38 PM EDT) -- Fund managers the world over are facing the reality of the U.S. Foreign Account Tax Compliance Act, encountering requests from U.S. withholding agents for FATCA documentation from funds and inquiries from potential investors regarding the status of FATCA compliance. A fund manager, tasked with assessing the FATCA status and compliance of numerous funds, frequently must review not just the U.S. FATCA regulations but also the application of a Model 1 or Model 2 intergovernmental agreement (IGA) if funds are resident in countries with an IGA in place. In this article, we briefly highlight the key factors fund managers must analyze when determining the FATCA status and compliance obligations of funds resident in a Model 1 IGA country....
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