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Support was largely driven by holdings of defaulted structured investment vehicles and Lehman obligations in 2007 and 2008. Figure 3 presents a list of defaulted securities referenced in at least one financial statement of the supported funds. Figure 4 presents the driver of support disclosed for the 21 funds with instances over 0.5% of AUM, as disclosed in the fund financial statement or in a related no- action letter. In some cases in the broader population of instances, the reason for support is not always specified in the financial statements beyond generic terms such as "due to realized losses of the. | SPOTLIGHT ON TAX IMPACT OF FATCA ON FOREIGN FUNDS The breadth and complexity of the FATCA requirements in the proposed regulations issued by the IRS and Treasury Department pose significant challenges for many foreign funds and other foreign investment entities. Covered entities should prepare to enter into agreements with the IRS and begin to consider what amendments to their fund documents and changes to their processes are necessary for compliance. Mary Conway PARTNER DAVIS POLK WARDWELL LLP Mary is a Partner in the firm s Tax Department and is based in the firm s NewYork office. Her practice focuses on investment management matters including the formation and operation of private equity funds hedge funds mutual funds and other pooled investment vehicles. Rachel D. Kleinberg PARTNER DAVIS POLK WARDWELL LLP Rachel is a Partner in the firm s Tax Department and is based in the firm s Menlo Park office. Her practice focuses on advice to corporate and private equity fund clients on mergers and acquisitions joint ventures spinoffs and reorganizations as well as cross-border restructurings. p he tax provisions introduced in the Foreign Account Tax Compliance Act FATCA impose a 30 US withholding tax as an enforcement mechanism for a worldwide reporting regime designed to prevent US persons from using offshore investments to evade US federal income tax. Onerous reporting rules apply to foreign financial institutions FFIs which include foreign private equity funds foreign hedge funds foreign parallel entities of US funds foreign blockers and even foreign holding companies used by funds to acquire portfolio companies. New proposed regulations released in February 2012 by the Internal Revenue Service IRS and Treasury Department Proposed Regulations provide guidance on the FATCA reporting and withholding regime. The IRS previously issued preliminary guidance under FATCA in a series of notices IRS Notice 2010-60 IRS Notice 2011-34 and IRS Notice 2011-53 . This article .