On January 17, 2013 the US Treasury Department and Internal Revenue Service (IRS) released the final regulations for FATCA. Canada and the US entered into an Intergovernmental Agreement (IGA), and Canada published draft legislation implementing the IGA, on February 5, 2014. The final rules provide some welcome practical improvements on issues of particular importance to the investment management industry.
Nevertheless, the scope of FATCA as applied to the investment management industry remains sweeping and meeting the Act’s complex obligations may have significant business and operating model implications for funds and investment management firms.
Please speak to your KPMG contact or one of our FATCA advisors for further information or advice in respect of the legislation and the impact for you.