Broadscope Fund Administrators, an independent private equity fund administration firm, has released a whitepaper outlining key recommendations for private equity firms developing strategies to comply with the US Foreign Account Tax Compliance Act (FATCA).
The paper, FATCA Compliance for Private Equity Funds: Navigating the Clutter, outlines the responsibilities of both foreign and domestic private equity funds and suggests measures that should be considered in developing an effective FATCA compliance programme.
Robert Aufenanger, founder and managing member of Broadscope, said: "FATCA goes into effect 1 July and there is still considerable uncertainty in the market.”
"Private equity firms that have yet to develop a FATCA compliance programme need to make it a priority, as lack of compliance could have serious consequences for their funds and their investors."
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