Source: Non-Participating FFI
Archive for September, 2015
Posted by William Byrnes on September 30, 2015
Posted by William Byrnes on September 28, 2015
Posted by William Byrnes on September 25, 2015
The LEI was established by the G-20 through the Financial Stability Board (FSB), the 2009 successor of the Financial Stability Forum (FSF). Regulators globally recognized the lack of transparency to identify parties to transactions across markets, products, and regions. G-20 authorities, through the FSB, working with the private sector, developed the framework of a Global LEI System (GLEIS) that, through the issuance of unique LEIs, unambiguously identify entities engaged in financial transactions. Why are so many LEIs issued and so few GIINs – same institutions, just not seeking a FATCA GIIN?
read about the LEI v GIIN issue on Kluwer’s Tax Blog: http://www.kluwertaxlawblog.com/blog/2015/09/25/fatca-giins-versus-legal-entity-identifiers-leis/
Posted by William Byrnes on September 24, 2015
See the Full Story on : International Financial Law Prof Blog
Posted by William Byrnes on September 23, 2015
Texas A&M University School of Law is quickly distinguishing itself as an institution to watch.
At a time when most schools are cutting back, Texas A&M University has made an unparalleled investment in the future of legal education for Texas, the nation and beyond by attracting an unprecedented 12 new faculty members for its School of Law located inFort Worth.
Five of the new faculty focus on intellectual property issues, adding strength to the school’s Center for Law and Intellectual Property and building on A&M’s strong reputation in engineering and life sciences. These hires cover all aspects of intellectual property, including patents, copyrights, trademarks, and trade secrets. Together with two existing scholars in the field, A&M Law is now in contention to have one of the country’s top intellectual property law programs.
“This extensive concentration of intellectual property faculty offers students comprehensive coverage, allowing them to develop specialized training based on their individual interests and career paths,” said intellectual property expert and incoming professorPeter Yu. “Our newly expanded program offers an unparalleled focus and makes A&M Law immediately stand out in the intellectual property field.”
Among A&M Law’s seven additional hires are thought leaders with strong backgrounds in legal ethics, commercial law, legal writing, law and economics, tax and international law. They include the newly appointed President of Texas A&M University, Michael K. Young, whose two decades as a legal scholar and dean at Columbia Law included the development of internationally recognized programs in Japanese and Korean legal studies and authorship of numerous briefs, articles and books on U.S. trade law and policy. Given his leadership, including presidency at two leading universities and service, it is fitting that he will hold tenure in both Texas A&M’s School of Law and the George H. W. Bush School of Government & Public Service.
“I’m pleased to be joining Texas A&M University at this exciting time of my career and their history,” offered Young. “It is a wonderful bonus, to also join my colleagues in the transformation of this law school, legal education nationally and our contributions as scholars to the continued dynamic vitality of Texas.”
“As not only a top tier, public research university, but also a land grant institution, we have a special obligation to bring the academy to the public, and these folks are going to help us expand our efforts to do that,” Dean Andy Morriss said. “We’re particularly excited to have long time bar leaders like legal ethicist Susan Fortney, former Uniform Law Commission Executive Director Bill Henning, and former American Society of International Law Executive Director Charlotte Ku joining us.”
These incoming faculty join the existing academic team, now 55 members strong and punctuated by an ethos of market-disruptive thinking and scholarship. In 2015 alone, A&M Law faculty members have gained national attention for policy papers and commentary on topics including the intersection of water and energy law, developments in intellectual property, law reform in the Middle East, and the changing face of the death penalty.
And in an era when many law schools are cutting staff and faculty as enrollments fall nationally, A&M Law has only enhanced its commitment to lead by expanding curricular options, improving student services, attracting the very best talent and aligning to Texas A&M University’s mission tenet of service to the state, nation and beyond.
One such example is a $370,000 grant awarded to the School of Law from the Access Group. With the grant, A&M Law’s Milan Markovic will serve as principal investigator of the Texas Lawyers Study, examining professional satisfaction and income levels of nearly 88,000 members of the State Bar of Texas. This study will generate an extraordinary amount of data on the economics of the legal profession and the working lives of lawyers that can inform the decision-making of prospective law students and lawyers.
“We’re proud of our work to date, and are inviting all to see how far we’ve come and to take a look at where we are heading,” Morriss said. “By attracting new talent to compliment our strong foundation of scholars, A&M Law is leading by example.”
Posted by William Byrnes on September 22, 2015
“Stamping out call center boiler room scams has been described like a continuous game of Whack-A-Mole. Costa Rica’s weak regulation and lack of resources is making it a hot spot for such scams.”
Posted by William Byrnes on September 21, 2015
This notice announces that the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) intend to amend the regulations under chapter 4 (sections 1471-1474) to extend the period of time that certain transitional rules will apply. Specifically, the amendments will extend:
(1) the date for when withholding on gross proceeds and foreign passthru payments will begin;
(2) the use of limited branches and limited foreign financial institutions (limited FFIs); and
(3) the deadline for a sponsoring entity to register its sponsored entities and redocument such entities with withholding agents.
In addition, in order to reduce compliance burdens on withholding agents that hold collateral as a secured party, this notice announces that Treasury and the IRS intend to amend the regulations under chapter 4 to modify the rules for grandfathered obligations with respect to collateral.
Finally, this notice also provides information on the exchange of information by Model 1 IGA jurisdictions with respect to 2014.
Full analysis and impact of each deadline extension at International Financial Law Prof Blog
Posted by William Byrnes on September 17, 2015
The guidance covers the Common Reporting Standard (CRS) and the incorporation of the CRS into EU law by the European Union Directive on Administrative Cooperation (2011/16/EU, as amended by 2014/107/EU). Once finalised is intended to incorporate amended and updated versions of the existing guidance on FATCA and the CDOT arrangements. The guidance is directed at HM Revenue and Customs (HMRC) staff, but will be publicly available and is intended to be of use to financial institutions and their agents. This draft has been developed in close working with UK financial institutions and representative bodies as well as tax advisors.
This guidance does not replace or override the CRS Commentary, but brings together the key concepts and provides additional…
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Posted by William Byrnes on September 10, 2015
Professor William Byrnes, Associate Dean at Texas A&M University’s School of Law, discusses his career in tax, FATCA and his many publications!
Posted by William Byrnes on September 9, 2015
TaxLinked announces a FATCA webinar on September 16 at 14:00 EDT or 19:00 BST.
latest blog post covers the range of questions to be discussed and introduces you to our esteemed panel of experts.
If you have any questions for them, make sure to submit them by September 11 on the forum HERE.
Please visit its Registration Page to sign up for what’s shaping up to be a great event.
Taxlinked announces the fourth in its series of webinars. This episode will cover the US’s ForeignAccount Tax Compliance Act (FATCA), a regulation that requires US persons to report on an annual basis their non-US financial accounts, as well as non-US financial institutions to report US persons’ assets and identities in their records to the US Treasury.
William Blum, Partner at Solomon Blum Heymann LLC in New York, has served as counsel to the Governor of the United States Virgin Islands, and is the leading expert on the territory’s status as a tax haven for non-U.S. persons.
Haydon Perryman is a London FATCA, CRS, DAC2 and CDOT Consultant with five years of practical hands-on experience of lead compliance for FATCA and CRS systems for tier 1 financial institutions. Haydon has a detailed understanding of FATCA regulations and the practical strategies involved in ensuring and evidencing FATCA compliance.
Robert Ladislaw is an attorney and certified public accountant with Solomon Blum Heymann LLC in New York serving clients for over 20 years for federal and state income and estate tax examinations and offshore tax compliance matters.
William Byrnes, Professor and Associate Dean at Texas A&M School of Law is the primary author of the 1,200 page analysis: LexisNexis® Guide to FATCA Compliance (download Chapter 1:).