Speaking Engagement

FATCA Update


Rebecca Hobhouse
020 7920 4107

A few months ago, no one had heard of the U.S. Foreign Account Tax Compliance Act (“FATCA”) outside of Washington DC.  Last fall, non-U.S. market participants were incredulous when they learned that FATCA would, among other things, repeal the U.S. bearer bond rules and force many foreign banks to join the U.S. tax reporting system.  In late March, however, the U.S. Congress passed the FATCA provisions and President Obama immediately signed them into law.  These new provisions, which start to apply to some existing transactions on September 14, 2010, and which will become fully effective January 1, 2013, are likely to dramatically alter the way U.S. corporations raise funds abroad as well as the way many foreign investors invest in U.S. securities.

The panel will discuss:

  • The new FATCA 30% tax on “withholdable payments” such as interest, dividends and securities sales proceeds made to non-U.S. banks and brokers unless they agree to information report on their U.S. account holders beginning January 1, 2013;

  • Extension of U.S. 30% withholding tax to “dividend equivalent” payments made on certain cross border swaps and other transactions which takes effect September 14, 2010; and 

  • The repeal of the U.S. “bearer bond” exception for obligations targeted to non-U.S. markets, effective for obligations issued after March 18, 2012.


  • Thomas A. Humphreys, Partner, Morrison & Foerster LLP

  • Trevor James, Partner, Morrison & Foerster LLP

Who Should Attend:

This event is intended for investment professionals, tax advisors, and both newly admitted and experienced attorneys.

CLE and CPD credit are pending for this event.




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