On April 29th, the ALFI FATCA Breakfast Seminar took place. It proved very popular with professionals in Luxembourg, attracting more than 240 guests. The seminar made it very clear to the attendees that FATCA is not just another tax issue that affects aspects of compliance. Instead, it affects the whole value chain and requires completely new and extended information and reporting systems.
The seminar was composed of members of the ALFI FATCA working group as well as representatives of EFAMA and the European Commission.
The following topics were covered: comparative analysis between EU Savings Directive, Qualified Intermediary (QI) and FATCA, and presentation of the characteristics of FATCA and its implementation procedures.
These presentations were followed by a panel discussion, during which different aspects of FATCA and mainly the potential implications and impacts for the Luxembourg Fund Industry were discussed. EFAMA’s key proposals and the next steps and the EU Commission’s position and initiatives were as well debated.