23 March 2016

Private Equity Funds and FATCA

This article was written by Laura Charkin, Tax partner, with associates Matt Clift, Charlotte Haywood and Simon Prosser. It was first published by Practical Law

The US Foreign Account Tax Compliance Act (“FATCA”) began as a piece of US legislation that required financial institutions (including funds) to report details of their US account holders or to pay US withholding tax.  It is now rapidly developing into a global network of tax information exchange, with more and more countries expected to adopt this framework over the next few years and financial institutions facing the obligation to report on account holders from an increasing range of counterparty jurisdictions.  FATCA has truly gone global.

The Organisation for Economic Co-operation and Development (“OECD”) now has its own version of FATCA, the Common Reporting Standard (“CRS”).  Although CRS is based on FATCA, there are key differences.  It is anticipated that each country in turn will implement this framework with slight variations.  It is therefore crucial for financial institutions to understand the local law implementation of these rules in order to optimise their compliance strategies.

To this end, we have pooled the experience of FATCA implementation programme officers at several private equity (“PE”) houses as well as our extensive legal knowledge, to provide an overview of FATCA and to explain how the rules are being applied in the PE industry from a practical perspective.

Click here to read the full article.

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