As part of its commitment to helping institutional clients manage the evolving regulatory landscape, Northern Trust hosted a webinar on 9 August 2011 that explored the impact of the Foreign Account Tax Compliance Act (FATCA) on fund managers. The webinar included an overview of FATCA, implications for fund managers globally and information on how Northern Trust can assist clients with the regulatory requirements.
The webinar panelists, Kathy Dugan, product manager at Northern Trust, and Lorraine White, tax specialist at Northern Trust, provided insight on FATCA’s objectives, the current compliance schedule, a custodian’s responsibilities and a fund manager’s responsibilities. In addition, the panelists discussed Northern Trust’s role in assisting clients with FATCA’s due diligence, withholding and reporting requirements. More than 150 participants registered for the webinar.
“FATCA has far reaching implications for our clients,” said Kathy Dugan. “It is a top regulatory concern, especially for clients located outside the U.S.. We are focused on providing tools and insights to our clients that will make it easier for them to find practical solutions to deal with the complexities brought about by this legislation.”
“In addition to these efforts, Northern Trust is actively engaged in European and U.S. industry working groups that are part of the FATCA rulemaking process,” added Dugan.
In addition to the webinar, Northern Trust is actively working to help clients stay ahead of changes brought about by FATCA legislation:
- In June 2011, Northern Trust held workshops in their London offices for EMEA Global Fund Services clients. The events, which were well attended, explored the latest developments in FATCA rulemaking and the potential impact of the regulation for clients.
- A FATCA Insights on Regulation document was created by Northern Trust to provide an overview of FATCA and address frequently asked questions.
- An “Insights on Regulation” page went live on 18 July on Northern Trust’s institutional client web portal, Passport, and currently spotlights FATCA. The Passport page is designed to help global clients address the practicalities of the new legislative landscape. It provides regulatory insight from Northern Trust experts to help clients distill the information applicable to their business and maximise the opportunities that regulatory change offers.
A complete replay of the webinar is available on Northern Trust’s website.