Webinar: The US Foreign Account Tax Compliance Act (FATCA). Is it time to press the panic button?


Date: Monday, April 14, 2014
Starting at: 2:00pm (BST), 3:00pm (CET), 9:00am (EDT)
Location: London
Contact: James Blanche


The US Foreign Account Tax Compliance Act (FATCA) is rapidly becoming one of the biggest concerns for fund managers all over the world. The rules require foreign financial institutions (FFIs) to report data on US clients or accountholders to the Internal Revenue Service (IRS) directly or via their own national regulators as part of a US clampdown on the number of Americans not paying their income tax. FATCA has been subject to serious delays, having been unwittingly complicated by Intergovernmental Agreements (IGAs), which US Treasury has been signing with third countries to help ensure cooperation on FATCA. FATCA is also proving to be an operational headache for fund managers already grappling with a plethora of other regulations.

Questions to be addressed will include:

  • How prepared are managers? A recent survey found just under half had not applied for their Global Intermediary Identification Number (GIIN) with the Internal Revenue Service (IRS). Is this a sign of lack of preparedness?
  • What are the implications of non-compliance for managers? 
  • What sort of due diligence must managers do on their clients? 
  • How do managers need to reconfigure their operations to deal with FATCA? i.e. building technology etc.
  • The rules state someone should be exclusively focused on FATCA. Who would be best placed? 
  • Are some clients being difficult? What are the implications of this for the manager and other investors? 
  • Are some investors in certain countries being difficult? 
  • The definition of what constitutes an American is broad, so what is it? 
  • How much will FATCA cost? 
  • How much money will it raise? 
  • Do you anticipate further delays? 
  • Have the IRS been engaged on this issue? 
  • What are the differences between model 1 and model 2 IGAs? 
  • How have IGAs complicated FATCA and what was the rationale behind them and do they solve many of the data privacy issues some countries had with FATCA? 
  • How many countries have signed IGAs, and does US Treasury stand a chance of getting them all signed by summer 2014 when FATCA is due to be implemented? 
  • What will happen to FFIs in countries that are in negotiation process but have not signed an IGA when FATCA takes effect? 
  • What happens to FFIs operating out of multiple jurisdictions with differing IGAs? 
  • How are service providers helping clients meet their FATCA obligations?
  • There is talk of other countries adopting their own versions of FATCA – how is this progressing? 
  • Will a global FATCA emerge?



The webinar will be moderated by COOConnect Editor Charles Gubert, and will include the following panellists:


Opening and closing remarks by Charles Gubert, Editor of COOConnect.

Andrew Dent is Founder and Director of Flareware Systems. Andrew has over 40 years’ experience in the technology industry working in senior positions and managing projects for major global financial institutions. These include SG Warburg, JP Morgan, Barclays, Santander, BNY Mellon and many fund managers and investment companies. Much of this time has recently been focused on managing regulatory projects, including UCITS, RDR and Fatca. Andrew has also previously co-founded and successfully developed new software companies servicing the financial sector. Andrew founded Flareware Systems to provide financial firms with a cost effective tax reporting solutions for Fatca, HMRC and the OECD CRS requirements. 

Gary Kaminsky is Managing Director and Chief Global Regulatory Compliance Officer at ConceptONE LLC. Gary has over 27 years of experience in the securities industry, particularly with regard to issues relating to the legal/compliance and operational infrastructure of asset management companies. At ConceptONE, he continues a distinguished career in the financial services sector that began as an attorney with the Enforcement Division of the U.S. Securities and Exchange Commission. Gary has been advising clients in the development, implementation and maintenance of regulatory enterprise risk management infrastructure as a Principal of Rothstein Kass Business Advisory Services and throughout his career since leaving government service. He has also served as a co-founder, COO, CCO and General Counsel for two alternative investment management companies. Prior to launching those funds, Gary was CCO and Counsel for Susquehanna Investment Group, a leading proprietary trading firm, preceded by a position as a securities and regulatory attorney with Dechert, LLP.  He is a frequent speaker on industry panels relating to regulatory reporting, including Form PF, AIFMD, EMIR and other current regulatory issues. Gary received a Bachelor of Arts degree from the University of North Carolina at Chapel Hill, and his Juris Doctor from the State University of New York at Buffalo.

Ross McGill is Managing Director of GlobeTax and CEO of TConsult Ltd. GlobeTax is a US based withholding tax relief, recovery and reporting firm with clients in over 40 countries. Ross is responsible for all of GlobeTax’s offices outside the US. TConsult is a consulting and training firm including a specialisation in US tax regulatory and data protection issues. Ross is a subject matter expert on US withholding tax and regulation including Chapters 3 (QI) and 4 (FATCA) and has worked with many firms across the world to help awareness, understanding and practical compliance to FATCA. Ross has written eight reference books for the financial services industry including three covering US tax issues. His most recent, published by Palgrave MacMillan is US Tax – A Practical Guide to QI and FATCA. TConsult also publishes the only iOS ‘App’ for FATCA. Ross also publishes a regular podcast series ‘FATCA in Your Pocket’. You can connect to Ross on Twitter @RossKMcGill or join the Withholding Tax Group on LinkedIn.

Meredith Moss, Co-Founder & President of Finomial Corporation, is transforming the hedge fund market by creating an electronic marketplace for alternatives investing.  Before co-founding Finomial, she worked at Credit Suisse, Lehman Brothers, Monitor Company and Reuters, where she led the profitability of the Equities business and launched new products. Meredith earned her MBA at Harvard Business School and graduated from Brown University with honors.

David Richardson is a Managing Director in KPMG’s International Tax – Alternative Investments practice. He specialises in matters relevant to the global asset management industry and focuses on tax issues affecting cross-border investment funds and services, international investment managers, and cross-border traders and investors. He serves as a co-leader for both the Alternative Investments sector of KPMG’s International Tax practice and the Investment Management sector of KPMG’s Global FATCA Network. David has more than 25 years of experience advising asset management firms (hedge funds, private equity funds, mutual funds, real estate funds, and their sponsors, and managers) and investors with respect to cross-border tax issues. He advises clients on fund and management company structures and transactions with the objectives of mitigating tax risks, achieving tax efficiencies and ensuring proper global tax compliance. David assists clients with a wide range of U.S. and non-U.S. tax and regulatory matters affecting the global asset management industry, including tax nexus rules, trading safe harbors, withholding tax matters, U.S. anti-deferral tax rules, FIRPTA, FATCA, tax treaty matters, and ASC 740 (FIN 48). 





Each panel discussion will be broadcast live and will take place at a central London venue. Attendees will be able submit questions online that can be put to the panellists during the webinar.


Webinar Replays

Access to the recording of the webinars will be made available in three formats: as a video recording, as a written transcript of the discussion and as a podcast.



Please contact James Blanche, Director of Sales, if you would like further information on any of these webinars, to suggest a webinar topic, to participate in a panel discussion or to discuss sponsorship opportunities; by email at james.blanche@mycooconnect.com or by telephone on +44 (0)7769 277 927.