The 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.
Our survey shows:
- Only 32% of fund managers surveyed expect to be ready in time for the FATCA deadline of January 2013
- 42% have not yet assessed the time needed to comply
- 39% of investment managers expect to change their distribution model
- 32% expect some level of change to the structure of their product range to implement the requirement.
Co-operating with FATCA rules will be a necessity for any foreign financial institution that plans to continue investing in the US economy.