SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the U.S. Treasury Department’s announcement to provide targeted FATCA relief:
“We have repeatedly called for targeted relief from FATCA’s fast-approaching deadlines, and today’s announcement recognizes the good faith effort of SIFMA members to comply with FATCA. By implementing this transition period and addressing other problems that we have brought to Treasury’s attention, financial institutions will be able to comply more effectively while minimizing unnecessary cost burdens and reducing potential harm to the U.S. economy in the long-run. This new guidance will also allow extra time for more economies to sign intergovernmental agreements, to make the official transition to FATCA in 2015 more comprehensive and with fewer penalties. SIFMA thanks the Treasury for being responsive to its members’ concerns.”
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SIFMA Welcomes Targeted FATCA Relief From U.S. Treasury
Date 02/05/2014