Financial Institutions Eye FATCA Compliance – New US IRS Guidance

    February 2012

    The Foreign Account Tax Compliance Act (FATCA) was enacted in March 2010 as the revenue offset provision for other legislation. Its effects are considerably far reaching, and FATCA will potentially affect all “foreign financial institutions” (FFIs), including non-US banks, various investment funds, securitization vehicles, retirement plans and others.

    Our publication analyses recently released IRS Proposed Regulations related to implementation of FATCA compliance and reporting provisions, as well as an initiative in Europe to establish an intergovernmental approach to FATCA reporting obligations.