Sep 1 2015 | 10:56am ET By Keith Diamond, Director and AML Compliance Officer, Kaufman Rossin Fund Services. For hedge funds in most jurisdictions, the first wave of registration and reporting deadlines surrounding the Foreign Account Tax Compliance Act (FATCA) is now in the rearview mirror, but a significant amount of work likely remains. Due to the staggered approach regarding the definition of a reportable investor in 2014 versus 2015 and the increasing complexities of future reporting, it’s a great time for investment managers to review where they stand in regards to FATCA compliance. Additionally, for those launching funds in 2015 and beyond, there are many lessons to be learned from the experience thus far. FATCA in review: No one-size-fits-all approach The common structures for hedge funds that allow them to attract U.S.-taxable, U.S.-tax-exempt, and foreign investors (e.g., mini masters, master-feeders, or parallel funds) may create confusion for fund managers trying to understand how FATCA affects each of these vehicles. Unfortunately, there is not a one-size-fits-all FATCA reporting approach because each jurisdiction has its own set of agreements, rules, local registration requirements, reporting framework and deadlines. While most fund vehicles are likely affected by FATCA regardless of the jurisdiction, management companies and investment advisor entities typically fall under the “deemed compliant” definition, which exempts these entities (whether formed in the U.S. or abroad) from registration and certain reporting requirements. Eight common pitfalls investment managers should try to avoid: http://www.finalternatives.com/node...-74646021&mc_cid=4e8f99cad7&mc_eid=44b9e5b41f
It's just more regulation b.s. to make everything compliant with "one world government" (which the article conveniently calls "global standards").