Regulatory Compliance Association Reviews

A Practical Guide to FATCA and Beyond™

Practice Edge 02

Date: December 2, 2015
General Session: 12 Noon to 1:30 PM EST
Location: Webcast (Free)

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In July 2014, local legislation was introduced into the Cayman Islands to facilitate the implementation of the United States Foreign Account Tax Compliance Act (“FATCA”). Designed to deter tax evasion by having non-US entities perform due diligence to identify US-taxpayers and report account balances to the US Internal Revenue Service, the Cayman Islands has now completed the first reporting cycle in June 2015. As Cayman Islands Reporting Financial Institutions (“FFIs”) now prepare for the 2016 reporting cycle, the session will focus on the practical experiences of FFIs undertaking the due diligence and reporting processes, and lessons learned from 2015. Further, as FATCA expands globally with the introduction of the Common Reporting Standard (“CRS”), with the Cayman Islands being an early adopter of this new ‘Global FATCA’ regime, the session will cover the new procedures which FFIs need to focus on to ensure that stay ahead of the FATCA curve.

Students will master the following at the conclusion of this session:

  • Identify the current status of FATCA legislation in the Cayman Islands
  • Recognize the key components of FATCA – Classification, Registration, Due Diligence and Reporting
  • Comprehend the practical issues experienced during 2015 reporting cycle
  • Discover the practical solutions to minimize FATCA compliance burden
  • Analyze and apply the key principles of Common Reporting Standard
  • Determine and comprehend steps that FFIs should be taking now to prepare for CRS
  • Recognize and prepare for what is coming next?

Session Chairman:

Walter Zebrowski, JD, CPA, Principal, Hedgemony Partners
Chairman, Regulatory Compliance Association

Senior Fellow from Practice:

Dawn Howe, Partner, Walkers

Guest Lecturers:

James Kickham, Senior Manager, Financial Services, Ernst & Young
Michael Padarin, Partner, Investment Funds Group, Walkers
Blaise Ting, Senior Manager, Financial Services-Tax, Ernst & Young

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