FATCA information resources
Interest in the Foreign Account Tax Compliance Act (FATCA) continues as several FATCA threshold dates loom nearer. Many are still unclear as to the implications of FATCA, particularly regarding capital market transactions. To assist members ICMA consequently organised a briefing call which covered the general mechanics of FATCA and its potential implications for capital market transactions.
 
Members may find the following resources helpful:

14 July 2014
GMRA FATCA language
UPDATED- An ICMA working group has developed GMRA FATCA language for use with the GMRA 2000 , GMRA 2011 and the associated Equities Annexes. The language considers withholding obligations under FATCA and amends relevant provisions in the latter agreements. The language is provided for bilateral negotiation into existing arrangements. Parties should satisfy themselves as to the suitability of the GMRA FATCA language for the particular circumstances in which it is used. For further information, please contact Lisa Cleary.



26 October 2012
FATCA – problems postponed? by Clifford Chance
On Wednesday the IRS announced measures extending and expanding the scope of the grandfathering rules. This briefing note looks at the practical impact of the announcement and asks whether FATCA-related difficulties in the international financial markets have been eased, or merely postponed.



October 2012
Facing up to FATCA by Leland Goss, ICMA General Counsel (from the ICMA Quarterly Report Fourth Quarter 2012)



September 2012
FATCA Considerations for Repurchase Agreement provided by Ashurst
FATCA continues to raise unanticipated concerns for non-US banks, custodians and funds in routine business transactions. This briefing looks at the impact of FATCA on repos and, among other things, discusses how the standard GMRA may place the FATCA burden of withholding on the party unable to prevent it.



11 September 2012
Click here to download the presentation delivered to ICMA Members on the impact of FATCA by Stephen Fiamma of Allen & Overy during the conference call for ICMA members introducing FATCA.

See also:
Allen and Overy's "A guide to recommended HIRE Act/TEFRA/FATCA changes to international capital markets documentation"



The materials and data provided through this webpage are intended for general information only, and not to provide legal or other advice. ICMA makes no representations or warranties, express or implied, as to the accuracy and completeness of any information contained on this webpage or any third party website which may be referred to or accessed by hyperlinks through or to this webpage.

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