Thomson Reuters Launches New Solution to Help Financial Institutions Prepare for Foreign Account Tax Compliance Act
(Thomson Reuters ONE) -
Tags and monitors grandfathered securities ahead of new regulation
NEW YORK, May 13, 2013 - Thomson Reuters, the world's leading source of
intelligent information for businesses and professionals, today announced the
launch of a new solution to help financial institutions, including custodian
banks, better prepare for the Foreign Account Tax Compliance Act (FATCA). The
Thomson Reuters FATCA Grandfathered Obligations (GO) solution will identify and
tag securities of US sourced dividends, interest and other fixed or determinable
annual/ periodic income (FDAP income) and those that are exempt (Grandfathered)
from FATCA withholding as of January 1, 2014, the date that the new regulation
takes effect.
The launch of Thomson Reuters FATCA GO solution supports Thomson Reuters vision
to connect and enable the global financial community and builds on the growing
portfolio of solutions that Thomson Reuters provides to assist firms in taking a
multi-disciplinary approach to FATCA.
"As the global financial community adjusts to new and pending regulation, FATCA
serves as one of several types of regulations that will affect how our clients
report and conduct business in the very near future," said Debra Walton,
managing director and head of Enterprise Content at Thomson Reuters. "Our
primary role is to provide solutions such as Thomson Reuters FATCA GO that help
our growing client base meet their business and regulatory obligations."
Filtering nearly ten million records within Thomson Reuters core databases to
identify securities that will be impacted by FATCA, this solution will provide a
comprehensive source of securities generating FDAP income and those that meet
the IRS requirements as Grandfathered Obligations. Pending further guidance
from the IRS, Thomson Reuters will also monitor material modifications that may
remove an exemption from FATCA withholding. Future plans include monitoring the
registration status of Foreign Financial Institutions "FFIs" in terms of their
compliance with FATCA reporting. The Thomson Reuters FATCA GO solution
eliminates the need for companies to create their own development program,
allowing them to focus on running their business.
"The impact of knowing which securities are grandfathered will drive
organizations' tax withholding calculations and could have implications
regarding their ability to comply with FATCA regulations," said Tim Lind, global
head of Middle Office at Thomson Reuters. "We worked closely with several of our
clients to better understand their specific needs around FATCA and in turn
designed a FATCA GO solution to provide clients with the information they need
to act now. With all the uncertainty regarding the impact of regulation, banks
are doing everything they can to comply with new disclosure rules; often this
means looking to third parties for accurate data. We believe Thomson Reuters
FATCA GO will be a critical asset to help our clients manage regulatory
changes."
Thomson Reuters FATCA GO solution is powered by Thomson Reuters DataScope suite,
which will deliver files and reports for clients via FTP infrastructure in the
DataScope product. Files will be updated to ensure clients are compliant with
the latest developments. Thomson Reuters DataScope, the strategic data delivery
platform for non-streaming content globally, is a full cross-asset offering with
intelligently linked data for all Thomson Reuters DataScope content including
reference data, corporate actions, legal entity data, end-of-day/intraday
pricing and evaluated pricing services.
The launch of Thomson Reuters FATCA GO further establishes Thomson Reuters
credentials in the FATCA space, following the development of Thomson Reuters for
FATCA Solution launched in January. Thomson Reuters for FATCA Solution combines
Thomson Reuters content and assets from its Governance, Risk & Compliance, and
Tax & Accounting businesses. It offers modules for On-Boarding, featuring US
indicia search; Self-Assessment, including W-8 and W-9 form preparation and
collection; and Tax Information Reporting, which enable organizations to
identify, maintain and validate their customer records to assist in FATCA
compliance.
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for
businesses and professionals. We combine industry expertise with innovative
technology to deliver critical information to leading decision makers in the
financial and risk, legal, tax and accounting, intellectual property and science
and media markets, powered by the world's most trusted news organization. With
headquarters in New York and major operations in London and Eagan, Minnesota,
Thomson Reuters employs approximately 60,000 people and operates in over 100
countries. Thomson Reuters shares are listed on the Toronto and New York Stock
Exchanges. For more information, go to thomsonreuters.com.
CONTACT
Edward Dunthorne
PR, Financial & Risk
Thomson Reuters
+1 646-223-7803
edward.dunthorne(at)thomsonreuters.com
Lemuel Brewster
PR Director, Investors
Thomson Reuters
+1 646-223-5147
Lemuel.brewster(at)thomsonreuters.com
Alan Duerden
PR Director, Marketplaces & GRC
Thomson Reuters
+44 (0)207.542.0561
alan.duerden(at)thomsonreuters.com
Press release (PDF):
http://hugin.info/142273/R/1701136/561582.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Thomson Reuters Corporation via Thomson Reuters ONE
[HUG#1701136]
Unternehmensinformation / Kurzprofil:
Datum: 13.05.2013 - 15:30 Uhr
Sprache: Deutsch
News-ID 259199
Anzahl Zeichen: 6500
contact information:
Kategorie:
Business News
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