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Bloomberg Quotes Michael Pfeifer: Trusts May Be Financial Institutions Under FATCA

May 20, 2014, Bloomberg BNA's Financial Planning Journal

Michael G. Pfeifer was quoted by Bloomberg BNA's Banking Report concerning the potential for trusts and trust companies to be considered financial institutions in relation to the reporting requirements of the Foreign Account Tax Compliance Act (FATCA) which requires financial institutions to report and disclose the foreign bank accounts of their clients.  For the full article, please visit Bloomberg's website (subscription required).

Excerpt taken from the article.

Michael G. Pfeifer, a member in the Washington office of Caplin & Drysdale, Chartered, said that under the law, financial institutions are broadly defined to include any non-U.S. entity that:

• accepts deposits,

• holds financial assets for the account of others,

• acts as an investment entity,

• engages in certain insurance businesses, or

• serves as certain kinds of holding companies.

He said the "investment entity" concept is particularly important with regard to the proper FATCA classification of trusts and trust service providers

 


 

 

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