The delay to FATCA’s roll out

Thomson Reuters

On 12 July 2013, the Internal Revenue Service (IRS) and the Treasury Department delayed certain provisions. While the announcement of a further delay was met with relief, it has also sent mixed signals to the financial services industry about how ready they should be with their FATCA compliance program by July 2014.
On 22 October 2013, they released a notice giving Foreign Financial institutions (FFIs) further guidance to implement their FATCA compliance program. 

The notice highlights details of the negotiated bilateral agreements, adds new rules and it includes a draft agreement for institutions to sign if they want to avoid penalties. While this notice serves as a next step in implementing a FATCA compliance program, it is only relevant to those institutions operating in model 2 Intergovernmental Agreements (IGA's) jurisdictions. Institutions not operating in Model 1 or Model 2 jurisdictions will need to comply with the final regulations released in January 2013. 

Our white paper 'The delay to FATCA's roll out' is a global examination of how the financial services industry is preparing for FATCA compliance, how well they understand the FATCA legislation and the impact it will have on the organization’s operations.

To download the paper: http://fatca.thomsonreuters.com/wp-content/uploads/2013/11/GRC00560_FATCA_wp_rollout_delay-FINAL.pdf