Treasury Publishes Revised Annex IIs to FATCA IGAs

The U.S. Department of Treasury posted to its website revised versions of Annex II to both the Model 1 and Model 2 IGAs.Annex II to the IGAs contains a description of exempt beneficial owners, deemed-compliant foreign financial institutions, and financial accounts excluded from FATCA reporting. The newest versions of Annex II, dated May 28, 2013, contain only slight modifications from the versions posted on the Treasury's website on May 9, 2013. The primary change in the new versions is to make clear that the special rules applicable to Investment Entities to avoid duplicative reporting are not limited to collective investment vehicles that are regulated by the local IGA country.

In other FATCA news, Luxembourg and Jamaica have separately announced that each is seeking to negotiate a Model 1 version of an IGA with the United States.

See: FATCA Annex II - Model 1;FATCA Annex II - Model 2.For a full summary of recent news relating to FATCA, see "Current Topics - FATCA."For a full discussion of FATCA, see the Guide to Hedge Fund Regulation - FATCA Chapter.