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Details

  • Service: Advisory, Risk Consulting, Financial Risk Management, Tax, International Tax Services, Trade & Customs Services, US Corporate Tax Services, Domestic Tax Services
  • Industry: Financial Services, Asset Management
  • Type: Business and industry issue, Survey report
  • Date: 8/7/2011

FATCA and the funds industry: Defining the path 

KPMG International surveyed leading fund promoters in 12 countries to look at the key challenges the industry needs to address as a matter of urgency to prepare for U.S. Foreign Account Tax Compliance Act (FATCA) implementations.
The insightful report raises the urgent need for fund promoters to understand the implications of this legislation and begin developing their strategy if they expect to maintain their status and customers in the immediate aftermath of FATCA. The results shows:
 
  • Only 32 percent of fund managers surveyed expect to be ready in time for the FATCA deadline of January 2013
  • 42 percent have not yet assessed the time needed to comply
  • 39 percent of investment managers expect to change their distribution model
  • 32 percent expect some level of change to the structure of their product range to implement the requirement.

 
Cooperating with FATCA rules will be a necessity for any foreign financial institution that plans to continue investing in the U.S. economy.

 

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