SIFMA Submits Comments to the Department of Treasury and the IRS Requesting an Extension for Obligations Grandfathered under FATCA

SIFMA provided comments to the U.S. Department of Treasury and the Internal Revenue Service (IRS) requesting a one-year extension beyond the original January 1, 2013 implementation date for obligations grandfathered under the Foreign Account Tax Compliance Act (FATCA), IRS Announcement 2012-42 (Announcement). SIFMA asserts that it is critical that the extensions of FATCA deadlines in the Announcement be supplemented by extending the grandfather obligation definition to cover obligations entered into prior to January 1, 2014 or outstanding on that date. The letter also requests a number of further amendments or clarifications of the Announcement.

Click here to view letter in full (links externally to SIFMA website).