Skip to main content

Past Event
15 April 2010

An Overview of the Recently Enacted Foreign Account Tax Compliance Act (FATCA) and its Implications for Non-US Based Financial Intermediaries

As expected, the provisions of the Foreign Account Tax Compliance Act (FATCA) have now been enacted into law as part of the Hiring Incentives to Restore Employment (HIRE) Act which was signed by President Obama on March 18, 2010. FATCA includes numerous far-reaching international tax provisions that will impose new reporting and certification obligations on a wide range of non-US financial intermediaries (including non-US banks, non-US investment funds and collective investment vehicles, non-US CLOs and CDOs) that own US investments.

More significantly, FATCA will affect non-US intermediaries, even if those intermediaries have no US clients. Thus, many non-US entities that perform financial intermediary functions will, for the first time, be forced to interact with the IRS and must now ensure their operations are conducted in line with yet to be determined US regulatory requirements in order to avoid being subjected to significant withholding taxes.

Please join as Thomas Delaney and Jonathan Sambur of Mayer Brown LLP discuss how FATCA will impact your business and what you can begin to do to prepare for its new due diligence and reporting requirements.

Mayer Brown's Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm's global resources from multiple practices and offices, the Initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.

Related Multimedia

The Build a Report feature requires the use of cookies to function properly. Cookies are small text files that are placed on your computer by websites that you visit. They are widely used in order to make websites work, or work more efficiently. If you do not accept cookies, this function will not work. For more information please see our Privacy Policy

You have no pages selected. Please select pages to email then resubmit.