By Nick Paraskeva
NEW YORK, (Thomson Reuters Accelus) - The soon-to-be-implemented U.S. Foreign Account Tax Compliance Act, or FATCA, will have a bigger impact on foreign financial institutions than on U.S. ones, financial industry participants were told at a panel discussion on the law, which is placing new duties on compliance officers.
The event was hosted by the Securities Industry and Financial Markets Association (SIFMA) and conducted by the group’s Operations & Technology Society’s–Securities Operations Section, reflecting the role that staff in the operations units of firms were expected to have in meeting FATCA provisions. (more…)
