UK investment managers prepare for Fatca ahead of 2013
New US-based requirements will increase the reporting burden for international firms
UK financial institutions, including investment managers, are preparing themselves for the increased reporting requirements demanded by the US Foreign Account Tax Compliance Act (Fatca), according to market participants.
Rathbones, the investment and wealth manager, has recently upgraded its systems in light of the proposed changes, says its software supplier, 3i Infotech.
The act was passed by the US senate in March, with an implementation date of January 2013, as part of an effort to clamp
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