Podcast Location:
Download it here [file size: 22.6 MB]
Banking and Financial Services
Tax Law
CPD Points:
Up to 1 point. details »

Due to the difference in guidelines between the SRA and the Bar Standards Board, CPD points are awarded differently for Solicitors, Barristers and Legal Executives:

Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

  • FREE
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Course Aims:

This podcast aims to set out the major provisions of the US Foreign Account Tax Compliance Act (‘FATCA’), to clarify what FATCA is essentially about, to outline where there is a need for action and what implications this legislation will have for asset managers, banks and other financial institutions with US clients. The podcast will address the burdensome compliance obligations that financial institutions will face to in order to avoid a punitive US taxation regime. While the legislation has not yet come into force, The podcast will also touch on the frenzied work that is being carried out by professional bodies to secure exemptions from the IRS and US Treasury who are primarily concerned about tax evasion by US citizens.

After completing the course you will:
  • Understand what FACTA is about and where it has come from;
  • Understand how FACTA differs from the existing QI (Qualifying Intermediary Regime);
  • Be aware of the scope of the FACTA regime for UK lawyers and finance professionals;
  • Understand what obligations FACTA imposes on financial institutions within its scope;
  • Be aware of the changes that many financial institutions will have to adopt to remain compliant with the legislation;
  • Be aware of the potential conflict between this legislation and domestic arrangements protecting client confidentiality.
Complex Difficulty: 4 of 5
Legislative Updates
Sources and References:
  • Foreign Account Tax Compliance Act 2010;
  • https://www.knowfatca.com/.

This podcast is about the implementation of the US Foreign Account Tax Compliance Act. This complex and far reaching US statute will have major implications for banks, asset managers and their advisors across the world that have US clients and account holders. The Act requires that foreign financial institutions provide the US tax authority (IRS) with tax information on US persons which goes well beyond the current Qualified Intermediary (QI) regime.

Podcast added: 20/10/11

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