Knowledge

The latest version of the Crown Dependency Guidance Notes to FATCA, which was released on 28 July 2014, has provided further changes to, and clarifications of, the obligations of Jersey Financial Institutions in respect of FATCA. 

As the States of Jersey has entered into two intergovernmental agreements ("IGAs"), one with the US, and the other with the UK, Jersey Financial Institutions must take steps to understand their obligations under each of the IGAs. With the first reporting to be completed by 30 June 2015, now is the time for Financial Institutions to put in place policies and systems, which are appropriate for their business, to ensure they are FATCA compliant ahead of the first reporting.

Bedell Cristin has a dedicated FATCA team which has extensive knowledge on the legal and practical issues that Jersey Financial Institutions will encounter in complying with FATCA.  Our services include: 

• Preparing sponsoring agreements where the accounts are fund structures;
• Preparing FATCA outsourcing agreements where reporting obligations are to be undertaken by third parties, such as administrators;
• Assisting with the preparation of appropriate resolutions for trustees and the relevant entities;
• Devising a communication plan for a trustee with its clients informing them of the FATCA changes on the horizon as well as gathering the appropriate information;
• Reviewing client take on forms to ensure they are appropriate for FATCA;
• Reviewing existing terms of business;
• Reviewing corporate services agreements;
• Reviewing employee benefit trust and pension arrangements and communicate with the employer to establish appropriate policies;
• Giving general advice on funds and private client structures, as well as specific advice on individual structures;
• Carrying out the registration process for clients;
• Providing general FATCA training as well as bespoke workshops to suit client's structures;
• Giving regular updates on the Jersey Guidance Notes as well as updates on the Common Reporting Standard.

Should you wish to have an initial discussion to discuss your FATCA requirements, please do not hesitate to contact a member of our team.