Markit Counterparty ManagerFATCA Service Bureau

Fatca Service Bureau is a joint solution from Markit and Compliance Technologies International (CTI) for all non-US domiciled asset managers and structured investment vehicles that must comply with Fatca. It provides a combination of US tax law expertise, client documentation review, IRS registration and tax form validation and reporting to streamline workflow around Fatca and IRS Chapter 3 compliance.

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Compliance

FATCA Service Bureau on-boarding, FATCA Compliance in three steps

  • 1

    Classify

    Classify entity and investors under FATCA

    Document collection and client gap analysis

  • 2

    Register

    Tax form validation electronic and manual

    FFI registration

  • 3

    Report

    GIIN dissemination to counterparties

    IRS-compliant report submission

Timeline

  • Apr 25 2014

    FFI registration deadline for inclusion in December 2 initial IRS FFI list

  • Jun 2 2014

    Initial IRS FFI List published, to be updated monthly thereafter

  • Jul 1 2014

    FFI Agreement effective date; deadline for implementation of new account procedures

  • Jul 1 2014

    FATCA withholding begins for non-compliant account holders, where applicable

Webcasts

  • FATCA Implementation Webcast

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  • FATCA Implementation Webcast