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Industry under enormous pressure to meet FATCA deadline - Only one-third of fund managers expect to be ready in time
A report from KPMG examining the investment management industrys readiness for the US Foreign Account Tax Compliance Act (FATCA) reveals that a significant amount of work remains to be done prior to its commencement on 1 January 2013. Only one-third (32%) of fund managers surveyed expect to be ready in time for the deadline, and a significant 42% have not yet assessed the time needed to comply. While it appears the industry has a great deal of work left to do, most investment managers are not underestimating the effort or amount of change required to implement this requirement. Thirty-nine percent (39%) expect to change their...
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