ISITC Europe launches Fatca working group
The International Securities Association for Institutional Trade Communication (ISITC) Europe has launched its latest Working Group dedicated to covering the operational impact of US Fatca legislation on European financial institutions.
Fatca, the Foreign Account Tax Compliance Act, is legislation intended to ensure tax is collected from US persons who may be located outside the country.
ISITC Europe said the working group came in response to an area of particular concern for the financial industry, and in the context of a “widespread wave of regulatory reform.”
Graeme Austin, ISITC Europe CEO, says: “We are proud to be the forum for operational professionals to come together to share their experiences of managing the Fatca rules. We hope this Fatca Working Group will enable asset management firms to streamline their processing of Fatca-related information and help them devise the most efficient way for them to communicate with, and obtain data from, their end clients.”
ISITC Europe, and its US sister body, acts on behalf of multiple participants in the industry, including broker/dealers, custodians, investment managers, vendors and utilities. As a body it develops standards and practices that are intended to boost efficiencies in the industry.