Politics & Regulation

Managers behind schedule for FATCA compliance, says KPMG


A significant amount of work still needs to be done by fund management firms in advance of the implementation of the US Foreign Account Tax Compliance Act (FATCA) on 1 January 2013, according to the findings of a report by KPMG.

Only 32% of fund managers surveyed expect to be ready in time for the deadline, and 42% have not yet even assessed the time needed to comply.

Despite this, many investment managers are aware of the effort and amount of change required in order to comply. Of those surveyed, 39% expect to change their distribution model and