Fatca costs will fall on European firms, says JP Morgan exec
Head of European sales says new legislation produces an "untenable situation" where if clients choose to be non-compliant, firms will have to disengage from them
All the downsides of the highly controversial Foreign Account Tax Compliance Act (Fatca) would fall on European investors, says James Broderick, head of European sales at JP Morgan.
Speaking at a conference in Milan organised by Assogestioni, the Italian association of fund managers, Broderick warned of the extensive effects the incoming US legislation would have for global firms and investors.
He noted that the provision on foreign account tax compliance, enacted by Obama’s administration last
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