SIFMA Submits Supplemental Comments on Final FATCA Regulations

SIFMA provided supplemental comments to the U.S. Treasury and IRS on the final regulations implementing the provisions of FATCA that were included in Section 501 of the Hiring Incentives to Restore Employment Act ("HIRE Act").In the supplemental comment letter, SIFMA expanded on three specific issues mentioned in its earlier comment letter filed on June 21, 2013:

• the "reason to know" standard, which SIFMA states is excessively broad and should be revised, or its implementation should be delayed;
• the ability to rely on documentation collected by or certifications provided by other persons, which SIFMA believes should be clarified, and the rules regarding electronic transmissions should be relaxed and expanded; and
• the "eyeball" test and documentary evidence for preexisting and new obligations.

See:SIFMA Supplemental Comments; SIFMA Press Release. Related news: SIFMA Comments on the Final Provisions of the Foreign Account Tax Compliance Act (June 24, 2013).