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Pre-Event Workshop A

Sunday | 12 February 2012
FATCA Explained Part 1: Essential Knowledge On The Fundamentals Of FATCA And What You Need To Know To Successfully Implement It

The potential impact that FATCA will have on banks and financial institutions is unprecedented. The scope is vast and financial institutions in the Middle East and around the world will be confronted, like it or not, with the major challenge of implementing FATCA. FATCA is more than a compliance procedure – it will involve overhauling your information and reporting systems in preparation for the new regulation.

FATCA Explained Part 1 will act as a roadmap between where your institution is and where it needs to be – by when. Enhance your understanding of the FATCA provisions with detailed information on how banks and financial institutions need to prepare for compliance.
Workshop Timings:
Registration and coffee will be at 08.30. The workshops will begin promptly at 09.00 and run until 17.00. Lunch will be served at 12.30 and there will be one coffee break in the morning and one in the afternoon. Attendance certificates will be issued at the end of the workshop to participants that attend the entire workshop.

The Workshop Will Focus On The Following Key Areas:
  • Introducing FATCA its continuing evolution and the current state of the regime
  • A critical update on FATCA basics and mechanics
  • Understanding when FATCA withholding applies and what is subject to withholding
  • How do Foreign Financial Institutions (FFIs) become FATCA compliant?
  • Deciphering what is a FFI under FATCA and what is not
  • How do you determine what is a compliant FFI?
  • Using agents and qualified intermediaries to perform the necessary due diligence and take the necessary action to maintain FFI status
  • Account documentation: Understanding the issues, working within the parameters established by FATCA and getting documentary evidence correct
  • Knowing what the information reporting requirements are
  • Creating a project plan and establishing a team to prepare for FATCA
  • Understanding the FATCA timeline and how long it will take your organisation to become compliant

Meet Your Workshop Leader:
Ross McGill Ross McGill
Managing Director,
GlobeTax, UK

Ross is Managing Director of GlobeTax, the world’s largest independent provider of research, relief, recovery and reporting solutions for the financial services and investment communities. Ross has authored seven books on financial services subjects, three of which are about withholding tax. He has also recently been commissioned by Macmillan to write a new book on the US withholding tax system, due for publication in 2012. Ross sits on a number of international committees including the EU Tax Barriers Business Advisory Group, the ISO 20022 Securities Evaluation Group, the International Capital Markets Services Association Tax Sub-Committee and the Market Practice Data Users Group. Ross is a recognised subject matter authority on withholding tax, particularly the US, and travels extensively in Europe and Asia to consult, explain and provide documentation, withholding, recovery and reporting solutions to financial firms and investors. Ross is also CEO of TConsult, a UK based specialist withholding tax training company which is also the publisher of two iPhone and iPad Apps for this market - FATCA and 1441.