Storm-7 Consulting - CONFERENCE - Advanced FATCA and the OECD CRS

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The FATCA and the OECD CRS 30 th 31 st July 2015 London Contact: Joe Zepeda, Director, Storm-7 Consulting Tel: +44(0)7984856066 Email: [email protected] www.storm-7.com Your Expert Trainer Rodrigo Zepeda, LLB, LLM, Chartered MCSI Director, Storm-7 Consulting The Conference Programme This two day intermediate to advanced course will provide delegates with a comprehensive understanding of the new United States Foreign Account Tax Compliance Act (FATCA) requirements, by combining theory with practice and by incorporating interactive elements. The course will demystify the complexity of both FACTA and OECD Common Reporting Standard (CRS) requirements. It will help delegates to understand the operational impact that FATCA and the OECD CRS will have on the business and on clients, as well as guiding delegates through necessary adaptation processes and compliance solutions. FATCA regulations mean that it is crucial for foreign financial institutions across the globe to ensure a timely readiness to meet the extensive FATCA due diligence identification, reporting, and withholding requirements

Transcript of Storm-7 Consulting - CONFERENCE - Advanced FATCA and the OECD CRS

Page 1: Storm-7 Consulting - CONFERENCE - Advanced FATCA and the OECD CRS

The FATCA and the OECD CRS

30th

– 31st

July 2015 London

Contact: Joe Zepeda, Director, Storm-7 Consulting

Tel: +44(0)7984856066 Email: [email protected]

www.storm-7.com

Your Expert Trainer Rodrigo Zepeda, LLB, LLM, Chartered MCSI

Director, Storm-7 Consulting

The Conference Programme

This two day intermediate to advanced course will provide delegates with a comprehensive understanding of the new United States Foreign Account Tax Compliance Act (FATCA) requirements, by combining theory with practice and by incorporating interactive elements. The course will demystify the complexity of both FACTA and OECD Common Reporting Standard (CRS) requirements. It will help delegates to understand the operational impact that FATCA and the OECD CRS will have on the business and on clients, as well as guiding delegates through necessary adaptation processes and compliance solutions.

FATCA regulations mean that it is crucial for foreign financial institutions across the globe to ensure a timely readiness to meet the extensive FATCA due diligence identification, reporting, and withholding requirements

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The Conference Programme

Day 1: Sessions Day 2: Workshops

SESSION 1: Introduction and Definitions

• Historical background and context. • Key FATCA aims, objectives, milestones. • FATCA global implementation and impact. • The Three Pillars of FATCA (Classification, Reporting, Withholding). • Definitions (FFI; P-FFI; RDC-FFI; CDC-FFI; NFFE; GIIN; FDAP Income; RO; IGA; USWAs; Gross Proceeds; Passthru Payments; Grandfathered Obligations; Active Income; Passive Income. SESSION 2: The Three Pillars of FATCA

PILLAR I: FATCA Classification • Direct US and Indirect US accounts. • Due Diligence for Pre-Existing and New US individual and entity accounts. • Classifying financial entities and implementing US Indicia requirements. • FATCA regulatory exemptions.

PILLAR II: FATCA Reporting • Documentation and reporting obligations. • FATCA Reports, and Recalcitrant Accounts.

PILLAR III: FATCA Withholding • 30% withholding tax penalty. • Withholding Payments and Special Rules on FATCA Withholding. • Civil and criminal penalties for Responsible Officers. SESSION 3: Analysing Key FATCA Model IGA and IRS FFI Agreement Provisions

• MODEL 1 (Reciprocal 1A) • MODEL1 (Non-Reciprocal 1B). • MODEL 2 (No Pre-existing Tax Information Exchange Agreement or Double Tax Convention Required). • MODEL 2 (Pre-Existing Tax Information Exchange Agreement or Double Tax Convention). • IRS FFI Agreement (Form 8957).

SESSION 4: FATCA and Passthru Payments

• Defining passthru payments in practice. • The US IRS rules on passthru payments. • Passthru payments flow charts and worked examples. • Calculating the passthru payment percentage (PPP).

• Designing and implementing effective foreign passthru payment systems in practice.

WORKSHOP 1: FATCA Road Maps and Implementation Plans

• US IRS registration. • FATCA due diligence and IRS Forms analysis (W-8, W-8BEN; 1042; 1042-S). • Identifying and assessing compliance and non-compliance costs. • Adapting and streamlining FATCA compliance and onboarding systems. • Responsible Officer preparation for IRS due diligence certifications (2016, 2018). • Developing Client Relationships and Client Briefing Materials. WORKSHOP 2: FATCA and Trusts

• Classifying trusts under FATCA Regulations and IGA Model Agreements. • Comparing and evaluating FATCA trust available exemptions (Trustee-Documented Trust, Sponsored Investment Entity, and Sponsored, Closely Held Investment Vehicle). • The impact of revocable and irrevocable trusts under FATCA. • Comparing FATCA trust frameworks in 3 trust jurisdictions (delegate's choice).

WORKSHOP 3: Analysing the OECD CRS

• The Convention on Mutual Administrative Assistance in Tax Matters. • Analysing the Standard for Automatic Exchange of Financial Account Information (Model Competent Authority Agreement) (Common Reporting and Due Diligence Standard). • Reporting and due diligence standards. • Indicia searches (electronic and paper) and permanent residence address test. WORKSHOP 4: FATCA and the OECD CRS

• Comparing FATCA and CRS reporting and due diligence obligations. • CRS special rules for non-participating (automatic exchange) investment entities. • Assessing CRS Administrative and IT infrastructures, and confidentiality and data safeguards. • Implementing FATCA and CRS compliant systems. • Overview of The International Tax Compliance (Crown Dependencies and Gibraltar) Regulations 2014 provisions. • Overview of The International Tax Compliance Regulations 2015 provisions.

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Expert Trainer Biography Rodrigo Zepeda is an independent consultant who specialises in derivatives and financial services law, regulation, and compliance. He holds a LLM Masters degree in International and Comparative Business Law, has been an Associate of the Chartered Institute for Securities & Investment since 2004, and has passed the New York Bar Examination. He has also published widely in leading industry journals such as the Capco Institute's Journal of Financial Transformation, the Journal of International Banking Law and Regulation, as well as e-books on derivatives law. Noted publications include "Optimizing Risk Allocation for CCPs under the European Market Infrastructure Regulation"; "The ISDA Master Agreement 2012: A Missed Opportunity"; "The ISDA Master Agreement: The Derivatives Risk Management Tool of the 21st Century?"; and "To EU, or not to EU: that is the AIFMD question".

© Copyright 2015, Storm-7 Consulting Limited

Register online at: www.storm-7.com or contact Joe Zepeda:

Tel: +44 (0) 7984856066

Email: [email protected]

Course Suitable for Chief Executives

Chief Financial Officers

Chief Risk Officers

Compliance Officers and Staff

Executive Board Directors

FATCA Responsible Officers

General Counsel

General Managers

In-House Legal Counsel

Investment Fund Managers

Non-Executive Board Directors

Risk Management Officers and Professionals

Trust Administrators and Trustees

Key Benefits Advanced knowledge and

understanding of the FATCA and Model IGA frameworks; compliance requirements; the interaction of FATCA with trusts and passthru payments; and similarities and differences between FATCA and the OECD CRS.

Extensive pre-course questionnaire to identify delegate's key course objectives.

Lenovo 8" Yoga Tablet pre-loaded with course presentations and documentation to take-away.

Comprehensive course documentation.

Post-course trainer follow-up to guarantee all key course objectives have been met.