About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

SIX Financial Information Prepares Data Solution for Fatca Compliance

Subscribe to our newsletter

SIX Financial Information has joined the growing band of market data vendors preparing to meet the reference data requirements of the US Foreign Account Tax Compliance Act (Fatca). While Fatca regulation is not expected to be finalised until next year, ahead of the act coming into effect on 1 January 2014, SIX Financial Information is enhancing the reference data structure of its Valordata Feed with a view to completing and testing its data provision once regulatory requirements are clearly defined.

In essence, Fatca requires foreign financial institutions (FFIs) with US clients to carry the burden of tax reporting to the US Internal Revenue Service (IRS). Banks are expected to enter contracts with the IRS ahead of the compliance deadline, with failure to comply potentially costing FFIs 30% withholding tax on all payments from US sources.

SIX Financial Information has delivered early elements of its Fatca data solution in the latest release of Valordata Feed. These include the structures and labels required to mark institutions and instruments affected by Fatca. The implementation of rule sets to classify instruments that fall within Fatca and any sources needed to populate the structures will only be done after the IRS has issued final regulations and relevant sources become available.

Jacob Gertel, senior project manager of legal and compliance data at SIX Financial Information, explains: “We decided to provide Fatca data as it is our strategy to provide customers with the data required to meet regulatory, tax and compliance requirements. Instrument data for Fatca will be based on our existing data coverage of close to 11 million instruments. We are awaiting more details about the implementation of Fatca, but our goal is to get corporate data, such as data covering participating FFIs, from the IRS, if it is available.”

Ivo Bieri, head of business development at SIX Financial Information, adds: “We are gradually incorporating structural changes into Valordata Feed to give our clients sufficient adjustment time and ensure that when Fatca comes into effect we can focus purely on accuracy and quality of data.”

SIX Financial Information will deliver data required for Fatca compliance as part of Valordata Feed’s regulation, tax and compliance stream. The data will also be accessible via the Telekurs iD display service, although Gertel expects most customers to select the Valordata Feed option.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Unlocking Transparency in Private Markets: Data-Driven Strategies in Asset Management

10 September 2025 10:00am ET | 3:00pm London | 4:00pm CET Duration: 50 Minutes As asset managers continue to increase their allocations in private assets, the demand for greater transparency, risk oversight, and operational efficiency is growing rapidly. Managing private markets data presents its own set of unique challenges due to a lack of transparency,...

BLOG

CTA Reporting Suspended but BSA Obligations and BOI Risks Remain

Following a series of legal challenges and court rulings, the future of the Corporate Transparency Act (CTA) and the Beneficial Ownership Information (BOI) repository at the Financial Crimes Enforcement Network (FinCEN) remain unclear. Congress passed the CTA in 2021, and the law went into effect on January 1, 2024. The filing deadline for companies that...

EVENT

AI in Capital Markets Summit New York

The AI in Capital Markets Summit will explore current and emerging trends in AI, the potential of Generative AI and LLMs and how AI can be applied for efficiencies and business value across a number of use cases, in the front and back office of financial institutions. The agenda will explore the risks and challenges of adopting AI and the foundational technologies and data management capabilities that underpin successful deployment.

GUIDE

AI in Capital Markets: Practical Insight for a Transforming Industry – Free Handbook

AI is no longer on the horizon – it’s embedded in the infrastructure of modern capital markets. But separating real impact from inflated promises requires a grounded, practical understanding. The AI in Capital Markets Handbook 2025 provides exactly that. Designed for data-driven professionals across the trade life-cycle, compliance, infrastructure, and strategy, this handbook goes beyond...