The Foreign Account Tax Compliance Act (FATCA) imposes new information reporting and withholding tax 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, and non-US insurance companies) that directly or indirectly have US investments. Recently, the US Department of the Treasury and the Internal Revenue Service issued complex and lengthy proposed regulations that seek to implement these obligations and that also propose an alternative intergovernmental approach to FATCA implementation.
Please join us as Jonathan Sambur and Donald Morris of Mayer Brown discuss the significant differences between the proposed regulations and prior FATCA guidance and the consequences of implementing FATCA via intergovernmental agreement.
Of Related Interest
Update on the Recently Enacted FATCA and its Implications for Non-US-Based Financial Intermediaries
Teleconference recording: September 15, 2011
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.