Dec 20, 2012
BNP Paribas Securities Services has launched a service to help asset managers meet the requirements set out by the US Foreign Accounts Tax Compliance Act.Under FATCA, non-US financial institutions will be required to report information about accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest. Funds are considered to be financial institutions and are therefore subject to FATCA’s reporting requirements.
In its capacity as a transfer agent, BNP Paribas will offer funds the ability to identify investors into those funds. It will also generate all fund and underlying investor reports required by the IRS and, in all FATCA partner countries, by national tax authorities. “Although the final details of what foreign financial institutions will be required to report have not yet been published, we know in broad terms what is required in terms of data and how to meet the associated processing and reporting requirements,” Philippe Ricard, head of asset and fund services at BNP Paribas Securities Services, said in a statement.
Sally Ling in London