LONDON--(BUSINESS WIRE)--As part of its commitment to helping institutional clients manage the evolving regulatory landscape, Northern Trust hosted a webinar on 9 August 2011 that explored the impact of the Foreign Account Tax Compliance Act (FATCA) on fund managers. The webinar included an overview of FATCA, implications for fund managers globally and information on how Northern Trust can assist clients with the regulatory requirements.
The webinar panelists, Kathy Dugan, product manager at Northern Trust, and Lorraine White, tax specialist at Northern Trust, provided insight on FATCA’s objectives, the current compliance schedule, a custodian’s responsibilities and a fund manager’s responsibilities. In addition, the panelists discussed Northern Trust’s role in assisting clients with FATCA’s due diligence, withholding and reporting requirements. More than 150 participants registered for the webinar.
“FATCA has far reaching implications for our clients,” said Kathy Dugan. “It is a top regulatory concern, especially for clients located outside the US. We are focused on providing tools and insights to our clients that will make it easier for them to find practical solutions to deal with the complexities brought about by this legislation.”
“In addition to these efforts, Northern Trust is actively engaged in European and US industry working groups that are part of the FATCA rulemaking process,” added Dugan.
In addition to the webinar, Northern Trust is actively working to help clients stay ahead of changes brought about by FATCA legislation:
- In June 2011, Northern Trust held workshops in their London offices for EMEA Global Fund Services clients. The events, which were well attended, explored the latest developments in FATCA rulemaking and the potential impact of the regulation for clients.
- A FATCA Insights on Regulation document was created by Northern Trust to provide an overview of FATCA and address frequently asked questions.
- An “Insights on Regulation” page went live on 18 July on Northern Trust’s institutional client web portal, Passport, and currently spotlights FATCA. The Passport page is designed to help global clients address the practicalities of the new legislative landscape. It provides regulatory insight from Northern Trust experts to help clients distill the information applicable to their business and maximise the opportunities that regulatory change offers.
A complete replay of the webinar is available on Northern Trust’s website at www.northerntrust.com.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2011, Northern Trust had assets under custody of US$4.4 trillion, and assets under investment management of US$684.1 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A, incorporated with limited liability in the U.S.
The Northern Trust Company, London Branch (reg. no. BR001960), Northern Trust Global Investments Limited (reg. no. 03929218) and Northern Trust Global Services Limited (reg. no. 04795756) are authorised and regulated by the Financial Services Authority.
The material within and any linked material accessed via this communication is directed to eligible counterparties and professional clients only and should not be distributed to or relied upon by retail investors. For Asia-Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors.
- Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services (Guernsey) Limited, and Northern Trust International Fund Administration Services (Guernsey) Limited are licensed by the Guernsey Financial Services Commission.
- Northern Trust International Fund Administrators (Jersey) Limited and Northern Trust Fiduciary Services (Jersey) Limited are regulated by the Jersey Financial Services Commission.
- Northern Trust International Fund Administration Services (Ireland) Limited, Northern Trust Securities Services (Ireland) Limited and Northern Trust Fiduciary Services (Ireland) Limited are regulated by the Central Bank of Ireland.
- Northern Trust Global Services Limited has a Netherlands Branch which is authorised and regulated in the Netherlands by De Nederlandsche Bank.
- Northern Trust Global Services Limited has a Luxembourg Branch which is authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF).
- Northern Trust Luxembourg Management Company S.A. is regulated by the Commission de Surveillance du Secteur Financier (CSSF).
- Northern Trust Global Services Limited operates in Abu Dhabi as a Representative Office, Licence number 13/238/2008 which is authorised and regulated by the Central Bank of the United Arab Emirates.
- The Northern Trust Company operates in Canada as The Northern Trust Company, Canada Branch which is an authorized foreign bank branch under the Bank Act (Canada). Trustee related services in Canada are provided by the wholly owned subsidiary The Northern Trust Company, Canada, an authorized trust company under the Trust & Loans Companies Act (Canada). Deposits with The Northern Trust Company and its affiliates and subsidiaries are not insured by the Canada Deposit Insurance Corporation.
- Northern Trust operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority and the Australian Securities & Investments Commission (AFS Licence No: 314970).
- The Northern Trust Company of Hong Kong Limited is a securities company regulated by the Securities and Futures Commission.
- The Northern Trust Company has a Singapore Branch which is a foreign wholesale bank regulated by the Monetary Authority of Singapore.
- The Northern Trust Company has a branch in China regulated by the China Banking Regulatory Commission
- Northern Trust Global Investments Japan, K.K. is regulated by the Japan Financial Services Agency.
- Northern Trust Global Services Ltd (UK) Sweden Filial is Authorised by the Financial Services Authority and subject to regulation by the Finansinspektionen.
- Northern Trust Global Investments Limited has a Netherlands branch which is authorised by the Financial Services Authority and subject to regulation in The Netherlands by the Autoriteit Financiële Markten.
- Northern Trust Global Investments Limited has a Sweden branch which is authorised by the Financial Services Authority and subject to regulation in Sweden by the Finansinspektionen.