In order to comply with the FATCA rules, fund operators must fundamentally change their operating models, from the identification and documentation of customers, through the product portfolio, to internal processes and IT systems. On occasion, these changes will no doubt be profound in nature. Compliance will be a major concern for fund promoters. In view of the lean management structure in today's industry, compliance will only be possible with the cooperation of other service providers around the investment management space. Given our strong commitment to investment management, KPMG recognised at an early stage the significant impact of FATCA on the funds industry. In order to contribute to the debate and provide valuable benchmarks to the industry, KPMG surveyed leading fund promoters in 12 countries.