Pre-Conference Workshop

Fundamentals of FATCA

Mar 24, 2015 6:00pm – 

Speakers

Diamada Yannopoulos
Senior Manager Financial Services - Tax
Ernst & Young LLP

Geeta Soni
Manager Financial Services - Tax
Ernst & Young LLP

Day 1 - Wednesday, March 25, 2015

7:45
Registration Opens and Refreshments are Served
8:45
Welcome and Opening Remarks From the Co-Chairs
9:00
Framework of the Key FATCA Regulations, Future Implementation Dates and Related Guidance
10:00
Government Overview – Applying the CRA’s Guidance
11:00
Networking Refreshment Break
11:15
Ongoing Post-Implementation Challenges: Client Identification Classification and Reporting Guidelines
12:15
Networking Luncheon for Delegates and Speakers
1:15
FATCA Hurdles Faced by Depository and Investment Entities
2:15
FATCA Transition Issues for Credit Unions and Small-Mid FIs
3:00
Networking Refreshment Break
3:15
Organizationally Improving FATCA Compliance Programs Through Onboarding, AML and Internal Communications
4:15
Closing Remarks From Co-Chairs
4:30
Conference Adjourns

Day 2 - Thursday, March 26, 2015

7:45
Refreshments are Served
8:15
Opening Remarks From the Co-Chairs
8:30
Panel Discussion: Insights on How the Insurance Industry Has Implemented FATCA
9:30
The Impact of FATCA on Canadian Investment Funds, Custodians and Transfer Agents
10:30
Networking Refreshment Break
10:45
How to Comply with FATCA Globally in This Far-Reaching Regime
11:30
The New Common Reporting Standard (CRS) Introduced by the OECD – Are You Aware of What is Coming?
12:30
Co-Chair’s Closing Remarks & Conference Concludes

Day 1 - Wednesday, March 25, 2015

7:45
Registration Opens and Refreshments are Served
8:45
Welcome and Opening Remarks From the Co-Chairs

John M. Staples
Managing Partner
Burt Staples & Maner LLP

Andrea Taylor
Managing Director
Investment Industry Association of Canada (IIAC)

9:00
Framework of the Key FATCA Regulations, Future Implementation Dates and Related Guidance

Carlos Sanchez-Abarca
Director, Enterprise Regulatory Projects
Scotiabank

  • Analysis of the key aspects, overview of the requirements under FATCA
  • Key upcoming dates for FATCA implementation for Canadian FIs
    • Preparing for filing the first information reporting required under the IGA with the CRA  before May 2, 2015
    • Review of U.S. indicia – guidance for reviewing client accounts to determine U.S. Persons
  • The practical solutions the industry has for meeting due diligence obligations given the guidance
  • An update of what is happening in the industry

10:00
Government Overview – Applying the CRA’s Guidance

Moderator:

James Carman
Senior Policy Advisor, Taxation
Investment Funds Institute of Canada

Speaker:

Gwen Mah
Senior Technical Specialist - EOI Services Competent Authority Services Division
Compliance Programs Branch Canada Revenue Agency

Louise DesLauriers
Manager, Information Returns Development Section, Third Party Reporting Division, IRD
Canada Revenue Agency

Daniel Alarie
Senior Programs Officer Information Returns Development Section
Canada Revenue Agency

  • Understanding the applications and various interpretations
  • CRA’s position on self-certifications and use of IRS forms for self-certification
  • What would be acceptable to the CRA for “best efforts” in reaching clients for U.S. identification purposes to protect your firm?
  • Clarification on who is a U.S. person – provisions relevant to Snowbirds, students and others who may spend significant amounts of time in the U.S.
  • What are the potential penalties of non-compliance or late reporting by FIs?
  • Suggested reporting formats or models
  • Update on the CRA XML Reporting Schema: What data will the CRA be looking for?
  • Information about the CRA’s website and updating service

11:00
Networking Refreshment Break
11:15
Ongoing Post-Implementation Challenges: Client Identification Classification and Reporting Guidelines

Cyrus Daftary
CEO
Compliance Technologies International, LLC

Suzanne Bourgouin CPA, CGA, MBA
Senior Manager, Corporate Compliance
National Bank of Canada

Aline Aswad CIA, CRMA, CCSA
Senior Advisor
FATCA

  • Clarification on definitions and classifications of entities
    • Review of key concepts and terminology
    • Are securitization vehicles classified as FIs?
    • How are trusts classified for the purposes of FATCA?
  • Approaches for account identification and reporting, as well as monitoring changes in circumstances
  • Required documentation for resolving U.S. indicia and sharing forms across an institution
  • Should FIs provide internal checks or rely on client’s declaration? What about 3rd Party Data Providers?
  • How to document pre-existing accounts for individuals and entities:
    • Documentary evidence
    • Obtaining self-certifications
    • How to handle clients who do not want to provide personal information under FATCA reporting
    • Reviewing accuracy of completed forms
  • Complications of identifying and reporting U.S. persons in partnerships and passive NFFEs – who owns the account through the chain of ownership?
  • How to avoid reputational and financial risks for incorrect client identification?

12:15
Networking Luncheon for Delegates and Speakers
1:15
FATCA Hurdles Faced by Depository and Investment Entities

Carmela Pallotto
Partner, Tax
KPMG LLP

Roy A. Berg
Director, US Tax Law, Barrister & Solicitor
Moodys Gartner Tax Law LLP

Paul Barba JD, LLM
US Tax Lawyer
Moodys Gartner Tax Law LLP

  • Obligations for fund managers, dealers, custodians and distributors for client or dealer named accounts – sharing of responsibilities
    • Allocation of due diligence responsibilities for dealers and fund companies for client-named accounts – a roadmap of who has the onus for completing client identifying when more than one person is responsible for the account
    • Who is ultimately liable?
  • Clarity on what the industry is doing in their compliance approaches
  • Is a reasonable explanation sufficient for loss of U.S. citizenship, or should relevant clients complete a “Certificate of loss” and DS-4079 form?
  • How market participants have approached the gray areas in IGA legislation
  • Suggested content to put in manual for front-line staff including Investment Advisors and Portfolio Managers
  • Avoiding duplication issues – paperwork and identification numbers: Global Intermediary Identification Number (GIIN) and Taxpayer Identification Number (TIN)
  • Industry policies – how FIs have implemented the IGA and CRA guidance

2:15
FATCA Transition Issues for Credit Unions and Small-Mid FIs

Carlene Hornby Allen
Partner, Tax
KPMG LLP

  • How credit unions are dealing with their specific (reduced) reporting and pulling from their own databases: category selections, monitoring their memberships
    • Understanding requirements for credit union exemptions
  • How smaller banks are dealing with the associated costs of continually complying
  • Obligations for deemed compliant FIs?
  • Knowing the requirements for exemptions
  • Client onboarding – how to handle clients with U.S. identification?
  • How is upcoming reporting going to work specifically for this industry segment?
  • In what ways does the new law apply to lower-budget smaller scale credit unions or small banks?
  • How to prove non-reporting categories for credit unions and smaller-scale FIs
    • How to communicate your exemptions in the W-8 form?
  • What are the pitfalls for being a non-reporting Canadian financial institution (NRCFI)?

3:00
Networking Refreshment Break
3:15
Organizationally Improving FATCA Compliance Programs Through Onboarding, AML and Internal Communications

Amber D. Scott
Founder & Chief AML Ninja
Outlier Solutions

Colleen Waddell
Managing Director, U.S.
Outlier Solutions Inc.

  • The nuts and bolts of how compliance activities are divided up – best ways to organize internally for new account onboarding and working with pre-existing account base
    • Tips for how each business unit should comply – coordinating FATCA integration and revisions from all functional business lines: investments, insurance, wealth management, corporate, capital markets and retail and in the areas of legal, operations, compliance and taxation
  • Building alignment cross-functionally and helping different teams understand how FATCA compliance affects them and how each unit will contribute to the efforts and comply
  • New updates to AML – how to make sure the proper procedures are updated in alignment with FATCA
  • How to communicate the message of FATCA and AML compliance across different functional lines and how they interface with your clients?

4:15
Closing Remarks From Co-Chairs
4:30
Conference Adjourns

Cocktail Reception 4:30 – 6:00 p.m.Hosted by

Day 2 - Thursday, March 26, 2015

7:45
Refreshments are Served
8:15
Opening Remarks From the Co-Chairs

John M. Staples
Managing Partner
Burt Staples & Maner LLP

Andrea Taylor
Managing Director
Investment Industry Association of Canada (IIAC)

8:30
Panel Discussion: Insights on How the Insurance Industry Has Implemented FATCA

Gregg Fradkin
AVP & Tax Counsel, Global Tax Advisory
Sun Life Financial

Vivien Dadds
Program Director, Business Projects & Solutions – Individual
Sun Life Financial

Gene DiMira
Director, Compliance
Manulife

Peggy McFarland CPA, CA
Director, Corporate Taxation
Canadian Life and Health Insurance Association Inc. (CLHIA)

  • Industry efforts to develop consistent interpretation and business practices for implementing Part XVIII due diligence and reporting
    • Current issues
    • Final preparation for reporting
  • Entity self-certification challenges
  • Segregated funds held in nominee accounts and their due diligence and reporting
  • Insights as we move into operationalizing Canadian and international tax compliance on automatic tax information exchange

9:30
The Impact of FATCA on Canadian Investment Funds, Custodians and Transfer Agents

Harry Gundy
Director Product Management
FundSERV

Stephen Vescio
Senior Vice President – Global Tax Services, Investor Services
Brown Brothers Harriman & Co.

  • The viewpoints and reality of what the investment industry is doing from legal, asset management and tax standpoints for investment funds
  • Insights on how FIs, such as mutual fund dealers implemented the due diligence processes
  • What types of funds could be considered FIs under the IGA?
  • Implementation rules, including withholding
  • How transfer agents can prepare for the significant amount of work going back to dealers for due diligence of pre-existing high value accounts ahead of the June 30, 2015 deadline
  • Ways to get front line staff such as custodians, advisors and CSRs in-depth knowledge of FATCA regulations so they can support their clients
  • What this information gathering regime means for a transfer agent set-up?
    • To mitigate risks, should entry for new accounts be in operations or legal – is a separate team needed for reporting and testing?
    • How do you make sure you do the best you can to comply as an organization
  • The role of custodians working with dealers to collect information on underlying clients
    • Details on FATCA support agreements between custodians and clients such as Canadian fund managers of mutual funds and pooled funds – clearing any confusion between roles
    • When to go back to the dealer to get more client indicia information

10:30
Networking Refreshment Break
10:45
How to Comply with FATCA Globally in This Far-Reaching Regime

Nanci York
Vice President, Regulatory Assurance
Scotiabank

John M. Staples
Managing Partner
Burt Staples & Maner LLP

  • Setting up effective compliance approaches across multinational groups where standards may well differ
  • Preparing a responsible officer to sign off on for FATCA or QI purposes
  • Strategies to minimize the risks associated with a failure to comply
  • Ensure that FATCA does not obscure the very real risk of failing to comply with “normal” U.S. withholding and reporting rules
  • What to do when failing to comply with “normal” U.S. withholding and reporting rules

11:30
The New Common Reporting Standard (CRS) Introduced by the OECD – Are You Aware of What is Coming?

Moderator:

Andrea Taylor
Managing Director
Investment Industry Association of Canada (IIAC)

Speakers:

Blair Hammond
Manager – Tax Treaty Section (LPD) Legislative Policy and Regulatory Affairs Branch
Canada Revenue Agency

Katherine Johnson
AVP, FATCA, Corporate Compliance and Tax Services
TD Bank Group

Jillian Nicolson
Partner, Leader, Operational Tax Practice Canada
Ernst & Young LLP

Denise M. Hintzke
Global Tax Leader, Foreign Account Tax Compliance
Deloitte Tax LLP

  • Who are the early adopters and what is the expected timeline for Canada?
  • Variances between CRS and FATCA – what can be leveraged or slightly adjusted to get to that model?
    • Will the CRS model reporting be a big adjustment or costly?
  • Anticipated future reporting requirements and timelines
  • New challenges expected with this regime in 2016?
    • No thresholds compared to FATCA
  • Will there be any exemptions for lower thresholds such as for credit unions or smaller banks?
  • Banks with global footprints – how to prepare now and comply with early adopters in other jurisdictions
  • Matters the CRA is having to consider in connection with the Government’s commitment to implement the CRS

12:30
Co-Chair’s Closing Remarks & Conference Concludes