European fund industry responds to FATCA proposals

The Foreign Account Tax Compliance Act (FATCA) is a sweeping law that requires non-US financial institutions, including funds, to determine which of their accounts and investors are US persons, and to report such US persons to the IRS.  The consequence of non-compliance is a 30 percent withholding tax on payments of certain US source income. On the 8th of February, 2012, the US Treasury Department and Internal Revenue Service (IRS) released long-awaited proposed regulations for FATCA. On the same day the proposed regulations were issued, the United States, along with the governments of F...