August 11, 2010: Securities Industry and Financial Markets Association (SIFMA)
Securities Industry and Financial Markets Association (SIFMA) submitted in-depth comments to the Internal Revenue Service (IRS) asking for further clarification and guidance to the requirements under FATCA.
SIFMA has asked for exclusions from the FATCA reporting requirements for non-U.S. collective investment vehicles, non-U.S. pension funds, existing securitization vehicles, and current reporting entities that already file Forms 1099 or Schedules K-1 with the IRS. SIFMA requested further definition or clarification of terms such as “withholdable payment”, “passthru payments”, and “gross proceeds”.
Download the attached comment letter.
Contact FATCA Leader for further information.