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Proposed FATCA regs: reaction from around the world

15 February 2012

Ralph Cunningham - ITR

The proposed regulations for the Foreign Account Tax Compliance Act (FATCA) are evidence that the US Treasury has listened to financial institutions about the difficulty of implementing such complex legislation in the time allowed.

However, while the regulations released last week showed welcome signs of a dialogue that worked, it still does not mean that every contentious has been resolved. For example, institutions recognise that the intergovernmental approach shows there has been some movement about to whom they need to report the required information, they still have to comply with due diligence and reporting rules in gathering that information. Apart from postponements to some deadlines, there appears to be very little ground given on that.

The most immediate deadlines related to FATCA are April 30 2012, when comments are due on the 388 pages of proposed regulations. And if anyone wants to speak at the public hearing two weeks later on May 15, their requests to speak and outlines of topics to be discussed at the public hearing scheduled for must be received by May 1.

Here is what some people have been saying:...

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