FATCA for LATAM Firms: SESSION 3 - The Three Pillars of FATCA

1. The Foreign Account Tax Compliance Act (FATCA)
The Three Pillars of FATCA
SESSION 3
Training Programme
FATCA for LATAM Firms
23-24 February 2015 (Panama City), 25-26 February 2015 (Santo Domingo)
Rodrigo Zepeda
Independent Consultant

2. Section 1:
FATCA Classification
Section 2:
FATCA Reporting
Section 3:
FATCA Withholding

3. FATCA Classification
SECTION 1
3

4. FATCA Classification
ThreeTypes of Classification:
1. Own institution.
• FFI (P-FFI, NP-FFI, RDC-FFI, CDC-FFI); NFFE (A-NFFE, P-NFFE); Excepted FFI; Exempted FFI.
2. Client institutions.
• U.S. owned foreign entities (foreign entity with one or more Substantial U.S. Owners).
• A Substantial US Owner means: (1) corporations (any specified U.S. person that owns, directly or indirectly, more than 10%
of corporate stock (by vote or value); (2) partnerships and trusts (comparable rules apply); (3) investment funds (the 10%
ownership rule not applicable, any investment by a U.S. person below 10% is reportable).
3. Client individuals.
• Classification of specified U.S. persons and foreign (non-U.S.) persons.
• Classification of HighValue Accounts, LowValue Accounts, and Prima Facie Accounts.
• Classification of De Minimis (exempt) Accounts.
• Classification of Recalcitrant Account Holders (RAHs).
Prima Facie FFI is an entity that is designated in the WA’s electronic database (searchable) as an account holder, that is a
Qualified or Non-Qualified Intermediary, or documented or presumed to be, a foreign account holder, and assigned a set of
industry codes indicating that the entity is a type of financial intermediary (for U.S. maintained accounts).
4
4

5. FFI FATCA General Classification Obligations
1. Search for U.S. indicia (U.S. persons) for individual pre-
existing and new account holders.
2. Obtain additional “curing” information if U.S. indicia
exist (e.g., W-8BEN, W9).
3. Report to IRS as U.S. or recalcitrant account if no (non-
U.S.) documentary proof.
4. Determine FATCA category classification for entity
account holders.
5. Obtain withholding certificate (e.g. W-8BEN-E) + GIIN for
P-FFIs, RDC-FFIs, CDC-FFIs, Excepted/Exempted FFIs.
6. Report and withhold on select payments to NP-FFIs.
5
3
U.S. indicia include:
(1) U.S. citizen or resident;
(2) U.S. place of birth;
(3) U.S. resident or mailing
address;
(4) U.S. telephone number;
(5) standing instructions to
transfer funds to a U.S.
maintained account;
(6) Power of Attorney or
Signatory Authority granted
to person with U.S. address;
(7) an “in care of” or “hold mail”
address that is the sole
address that the FFI has for the
account holder.

6. Documentation Requirements
IS THE CLIENT A
U.S. PERSON?
Potential Problem Clients
• Residents of foreign (non-U.S.)
jurisdictions who have not revoked their
U.S. Green Card status (e.g. job or
employment based GC, student GC, or
‘other’ GC such as GC Lottery.
• Residents of foreign (non-U.S.)
jurisdictions with a U.S. born parent.
• Person who regularly travels in the U.S.
and meets the requirements of the
‘Substantial Presence Test’ for the
calendar year (i.e. Physically present 31
days during current year, and 183 days
during 3-year period which includes
current year and immediately preceding 2
years).*
* Must count (1) all the days person present
in the current year; (2) 1/3 of the days
person present in the first year before the
current year; (3) 1/6 of the days person
present in the second year before the
current year.
U.S. Citizenship or lawful permanent resident
U.S. Birth place
U.S. Address (residence, correspondence, or
P.O. Box)
Instructions to transfer funds to U.S.
Accounts or directions regularly received
from a U.S. address
Only address on file is “in care of” or “hold
mail” or U.S. P.O. Box
Notice 2011-34 excludes foreign P.O. Box as U.S. indicia
Power of Attorney or signatory authority granted to
person with U.S. address
Obtain W-9
1. Obtain W-9 or W-8BEN; and
2. Non-U.S. Passport or similar documentation
establishing foreign citizenship; and
3. Written explanation regarding U.S. citizenship
1. Obtain W-9 or W-8BEN; and
2. Non-U.S. Passport or similar documentation
establishing foreign citizenship
1. Request W-9 or W-8BEN; and
2. Documentary evidence establishing non-U.S.
status
Request W-9, W-8BEN; or
Documentary evidence establishing non-U.S. status
Request W-9, W-8BEN; or
Documentary evidence establishing non-U.S. status
The U.S. Persons Test
6
2

7. FATCA Account Classification
Types of Account Classification:
1. Individual Pre-Existing Account owned (0r controlled) by a Specified U.S. Person.
• (1) LowValue Account; or (2) HighValue Account.
2. Individual New Account owned (or controlled) by a Specified U.S. Person.
• (1) LowValue Account; or (2) HighValue Account.
3. Entity Pre-Existing Account.
• (1) FFI; (2) NFFE; (3) Exempt NFFE; or (4) Excepted NFFE.
4. Entity New Account.
• (1) FFI; (2) NFFE; (3) Exempt NFFE; or (4) Excepted NFFE.
Pre-Existing Accounts are U.S. Accounts Existing as of 31 December 2013.
New Accounts are U.S. Accounts Existing as from 1 January 2014.
7
2

8. Classification of Accounts
DifferentTypes of Accounts
• Direct U.S. Accounts: are those accounts that are maintained by an account holder which is a Specified U.S.
Person, i.e. excludes those entities not listed within the exclusions to the definition of U.S. Person.
• Indirect U.S. Accounts: include any accounts held by a U.S. owned NFFE (held at a FFI or USFI). A U.S. owned
NFFE is a passive foreign entity that has one or more substantial U.S. owners.
• HighValue Accounts: include any accounts with an aggregated balance or value in excess of U.S.$1,000,000.
• Low Value Accounts: include any accounts with an aggregated balance or value in excess of U.S.$50,000 up to
and including U.S.$1,000,000.
• In Scope Accounts: include all FATCA defined Financial Accounts with a balance or value in excess of
U.S.$50,000.
• Out of Scope Accounts: Accounts which are not FATCA defined Financial Accounts, such as certain retirement
funds; non-retirement savings accounts; certain term life insurance contracts; individual accounts (with year-
end aggregate value or balance of U.S.$50,000 or less); entity accounts (with year-end aggregated balance or
value of U.S.$250,000 or less); and cash value insurance or annuity contracts (with an aggregated value of
U.S.$250,000 or less).
8
4

9. General FATCA Classification Observations
NFFE AML Risks
• Higher Risk: Passive NFFEs may be potentially used as a type of “shell company” for tax evasion or money
laundering purposes.
• Lower Risk: Active NFFEs are Excepted NFFEs (e.g., non-financial active trade or business) but may now be
specifically targeted because they fall outside of FATCA obligations.
• Higher Risk: Passive NFEEs (balance or value of U.S.$1,000,000) FFI must obtain substantial U.S. ownership
information, or if no information is provided, account holder is deemed to be a RAH.
• Lower Risk: Passive NFFEs (aggregated balance or value of U.S.$250,000 to U.S.$1,000,000) FFI can rely on
AML/KYC information to identify U.S. owners.
Certification of U.S. account holders
• IRS Form W-9: U.S. account holder can certify that he or she is a U.S. person.
• IRS Form W-8BEN: beneficial owner can certify that he or she is a foreign person.
9
3

10. FATCA CLASSIFICATION
U.S. Persons U.S. Entities
Foreign (Non-U.S) Entities
FFIs Excepted NFFEsNFFEs
Active NFFEsPassive NFFEsDC-FFIsNP-FFIsP-FFIs
10
FATCA Classification
2
RDC-FFIsCDC-FFIs
Owned
Documented
FFI
Exempt
Beneficial
Owner

11. FATCA EXEMPTIONS
FFIs Active NFFEs Exempt Beneficial
Owner
LowValueAccounts
Governmental
organisations
Central bank
International
organisations
Retirement funds
Active trade/business
A non-financial holding
group service company
Registered charity or club,
association , arrangement, or
non-profit organisation
Group financing company
A corporation with shares
regularly trading on
established securities
market
Registered-Deemed
Compliance
Certified-Deemed
Compliance
Local FFIs QIVs
Non reporting
members of
P-FFI groups
RFs
Retirement
plans
Owner
documented
FFIs
Non-profit
organisations
FFIs with low
value accounts
NRLBs
Depositary accounts held
by individuals with an
aggregate balance or
value of U.S.$50,000 or
less are not treated as
U.S. accounts.
11
FATCA Exemptions
4
Out of Scope Accounts
Accounts which do not
fall under the FATCA
definition of Financial
Account, e.g. certain
retirement funds, life
insurance contracts.
U.S Territory Entity
In liquidation
Non-U.S government or
international organisation
Start-up trading entity

12. Determining Active or Passive NFFE Status
12
NFEE
ACTIVE NFEE PASSIVE NFEE
ANY NON U.S. ENTITY THAT IS
NOT A FINANCIAL
INSTITUTION.
ENTITY IS NOT INCORPORATED
CREATED OR ORGANISED IN THE
U.S, OR UNDER U.S.LAW, OR U.S.
STATE LAW (INCLUDING D.C.)
A corporation with shares that
regularly trade on an established
securities market.
A non-U.S government or international
organisation (or agency thereof).
A Start-Up Trading Entity.
Group Financing Company.
A U.S. Territory Entity.
Active Trade or Business.
A non-Financial Holding
Group Service Company.
In liquidation.
A registered charity or club, association
or arrangement or non-profit
organisation.
Without controlling persons that
are U.S. Persons.
Certify status and disclose name,
address and U.S. TIN.
Passive income includes:
• Dividends, including income equivalent to dividends;
• Interest (including income equivalent to interest, certain returns from investments in insurance contracts;
• Certain rents and royalties other than those derived from an active trade or business;
• Net gains from transactions, e.g. forwards (similar transactions) relating to certain types of commodities transactions;
• Certain foreign currency exchange gains;
• Net income from notional principle contracts;
• Amounts received under cash value insurance contracts or amounts earned by an insurance company in connection with
its reserves for insurance and annuity contracts; and
• Net gains from the sale of assets that give rise to certain of the above types of income.
Entity that operates an active
trade or business other than that
of a financial business.
Entities, organisations or companies
that are in receipt of passive income
or hold passive assets.
Passive income excludes:
• Any income from interest, dividends, rents or royalties that is received or accrued from a related person to the extent
such amount is properly allocable to income of such related person that is not passive income
• Income generated by certain commodities dealers and securities dealers in the ordinary course of business.
With controlling persons that are
U.S. Persons.
Certify status.
3
Less than 50% of gross income
for calendar year is passive
income AND less than 50% of
assets passive assets.

13. FATCA Reporting
SECTION 2
13

14. FATCA Reporting for USFIs and P-FFIs
• USFIs have different reporting requirements depending on payee type (i.e., U.S.
Non-exempt Recipient; Owner-documented FFI; Substantial U.S. Owners of an
NFFE; or Foreign Recipient.
• P-FFIs reporting on U.S. accounts must determine:
• Reporting framework, (1) Model 1 IGA; (2) Model 2 IGA; (3) No IGA.
• Reporting obligations, e.g., P-FFI, NP-FFI,A-NFFE, P-NFFE, etc.
• IRS registration, i.e. whether or not the institution must register with the IRS.
• Reporting on U.S. client accounts held (i.e., compliant, non-compliant, recalcitrant).
• Responsible Officer (RO), i.e. institutions must delegate a FATCA Responsible Officer.
14
3

15. FATCA IGAs
FATCA IGA
Model 2 IGAModel 1 IGA
U.S. IRS
U.S. IRS
FATCA Partner
Government
FFI aggregates
Information on U.S.
Accounts and NPFFI’s
Accounts or Obligations
FFI client account
specific information
FFIFFI FFIFFI
LATAM Model 1 IGAs:
Brazil; Costa Rica; France (French Territories);
Honduras; Mexico.
LATAM Model 2 IGAs:
Chile.
LATAM Model 1 IGAs (AIS):
Colombia; Dominican Republic; Haiti;
Panama; Peru.
LATAM Model 2 IGAs (AIS):
Nicaragua; Paraguay.
July 2012 November 2012
Consent granted Consent not granted
15
3

16. FATCA General IRS Reporting Obligations
1. FFIs must obtain and report information on accounts held by one or more specified U.S. persons
or U.S. owned foreign entities.
2. P-FFI’s must REPORT forTaxYears 2013 and 2014 (reports due by 31 March):
• Account Number.
• Account Balance orValue (at year-end or closing date).
• Name, address,TIN of each specified U.S. account holder.
• Name, address,TIN of NFFE account holder.
• Name, address,TIN of each substantial U.S. owner of the NFFE.
3. P-FFIs must REPORT forTaxYears 2015 and 2016:
• 2015 Same + Gross U.S. and Foreign Source Income.
• 2016 Same + Gross Proceeds from sale or redemption of property.
4. USWAs must identify entity account holders as U.S. persons, FFIs, NFFEs, or excepted entities.
5. P-FFIs must REPORT recalcitrant accounts (aggregate number and total value) for recalcitrant
accounts that: (1) have U.S. indicia; (2) lack U.S. indicia; (3) are dormant.
16
3

17. FATCA IRS Certifications
• Responsible Officer (RO) Duties:
(1) sign the FFI Agreement;
(2) oversee compliance program;
(3) certify to the IRS;
(4) is personally legally liable for non-compliance (under IRS FFI Agreement and Model 2 IGA);
(5) may be personally liable dependent on domestic laws (Model 1 IGA).
• Initial FATCA IRS Certification (under penalty of perjury):
• 29 August 2016 (for FFIs, 30 June 2014) (or 2 years and 60 days after effective date of FFI Agreement).
• Diligence – RO electronically certifies that (to the best of the RO’s knowledge):
• classification of pre-existing customers is complete;
• performed according to FFIAgreement Due Diligence procedures;
• accounts without required documentation are classified as non-participating or non-consenting;
• no formal or informal procedures are in place (from 6 August 2011) to assist in FATCA avoidance (after
conducting a reasonable inquiry).
17
3

18. Overview of FATCA IRS Certifications
• First (3Year) Periodical FATCA IRS Certification:
• June 2018 – covers 3.5 year period from effective date of FFI Agreement.
• RO must establish, manage, and periodically review a FATCA compliance program which includes
policies, procedures, and processes that satisfy FFI Agreement obligations.
• RO must certify that FATCA compliance program is in effect and subject to regular review.
• RO must certify there are no “material failures” or “events of default” for the certification period.
• If there were material failures, RO must list appropriate remedial actions taken to prevent re-
occurrence, and for any failure to deposit, withhold, report, failure was corrected (e.g., by paying
taxes dues or filing/amending appropriate returns).
• RO makes a “qualified certification” where RO cannot make certifications and must list proposed
corrective actions.
• Material failures are failures of the P-FFI to fulfill obligations under FFI Agreement if failure arose because of: (1) an error attributable to a
failure of P-FFI to implement sufficient controls; or (2) deliberate actions to avoid FFI Agreement obligations by one or more P-FFI
employees (or its agent, sponsor, or compliance financial institution).
• Event of default is when a P-FFI fails to perform material obligations of the FFI Agreement (due diligence, reporting, withholding), or if the
IRS determines P-FFI has failed to substantially comply with the FFIAgreement obligations.
18
4

19. Overview of FATCA IRS Certifications
RO (or Designee) Initial Certifications
• P-FFI has completed a review of all High Value Accounts and identified RAHs (no required documentation for account holder of
account).
• P-FFI has completed the account identification procedures and documentation requirements for all other pre-existing accounts (or if no
required documentation recorded, treats such account according to the applicable FATCA rules).
• To the best of RO’s knowledge, after conducting a reasonable inquiry, P-FFI did not have any formal or informal practices or
procedures in place to assist account holders in the avoidance of FATCA (from 6 August 2011 to date of certification).
RO (or Designee) Periodical Certification
• The RO has established a compliance program in effect (at certification date) and subjected to review (FATCA Regulations).
• There are no material failures for certification period, or appropriate actions taken to remediate and prevent failures from reoccurring.
• If there has been any failure to withhold, deposit, or report any amount (under the FFI agreement), the FFI has corrected such failure by
paying any taxes due (including interest and penalties) and by filing or amending the appropriate return.
RO (or Designee) Qualified Certification
• Occurs when the FFI and/or RO identifies “material failure” of “event of default” that has not been remedied (at certification date).
• RO has identified an event of default, or determined (at certification date) that there are one or more material failures regarding P-
FFI’s compliance with the FFI agreement, and appropriate actions will be taken to prevent such failures from reoccurring.
• RO, with regards to any failure to withhold, deposit, or report any amount (under the FFI agreement), certifies the FFI will correct such
failure by paying any taxes due (including interest and penalties) and filing or amending the appropriate return.
• RO will respond to any default notice, or will provide to the IRS (upon request) a description and remedial plan for each material failure.
19
3

20. FATCA IRS Penalties
• RO Penalties:
• IRS has stated it will not penalise a FFI or RO if it makes a good faith effort to comply (2014/2015).
• FROs could end up having to pay the IRS the entire 30 percent withholding tax owed for each
account the firm cannot properly identify.
• e.g., documentation to obtain a GIIN must be filled out correctly, or individuals face IRS penalties
for willful perjury (U.S.$250,000, up to 3 years in jail, or both).
• A “…return, statement or other document…contains or is verified by a written declaration that it
is made under penalties of perjury” (IRC, §7206) (criminal sanction).
• “Any person who willfully makes and subscribes any return, statement, or other document, which
contains or is verified by a written declaration that is made under the penalties of perjury, and which
he does not believe to be true and correct as to every material matter; shall be guilty of a felony and,
upon conviction thereof: Shall be imprisoned not more than 3 years; Or fined not more than $250,000
for individuals ($500,000 for corporations); Or both, together with cost of prosecution.”
20
3

21. FATCA Withholding
SECTION 3
21

22. Overview of FATCA Withholdable Payments
• FATCA imposes a 30% withholding tax on withholdable payments made to specified foreign persons.
• Includes FDAP “Fixed or Determinable Annual or Periodic” gains, profits and income.
•Withholdable payments will cover income that comes from U.S. sources, e.g.
• Interest paid on deposits at U.S. bank branches, or non-U.S. branches of U.S. banks.
• Dividends paid by a U.S. corporation
• Dividend equivalents (U.S. dividends converted through the use of swap contract payments pegged to
dividends on a U.S. equity, securities loan, or repurchase agreement of a U.S. equity).
• 1 January 2017: will include gross proceeds from the sale or other disposition of any U.S. source
interest or dividend producing property (even if there is no gain on sale), e.g. stock or debt issued by
U.S. corporation or the U.S. government (sale of U.S.Treasury Bond).
• 1 January 2017: will include passthru payments and foreign passthru payments (payments made by
foreign entities on debt or equity held is classified as foreign source, so could be used as a “FATCA
blocker” to circumvent FATCA).
22
4

23. What is a Withholdable Payment?
A withholdable payment is any payment of interests, dividends, rents, salaries,
wages, premiums, annuities, compensations, remunerations, emoluments, and
other Fixed or Determinable Annual or Periodic (FDAP) gains, profits and income.
Requirements:
1. The payment must be from sources within the U.S. (U.S. source income).
2. From 1 January 2017 - will include “gross proceeds” (from the sale or other disposition of any
property of a type which can produce interest or dividends from sources within the U.S.),
USWAs, WAs, P-FFIs must withhold on gross proceeds payments made to recalcitrant
individual and entity accounts.
3. Not before 1 January 2017 – will include “passthru payments” (any withholdable payment or
other payment to the extent attributable to a withholdable payment) applicable to non-U.S.
source income.
4. If source of payment is unknown, payment must be treated as withholdable payment but can be held in
escrow (up to 1 year) pending determination of character or source of the payment.
23
3

24. Special rules on FATCA Withholding
Withholding Agents (WAs):
• Any person, U.S. or foreign, that has control, receipt, or custody of an amount subject to withholding, or
who can disburse or make payments of an amount subject to withholding.
• Applies to associations, corporations, individuals, partnerships, trusts, other entities.
Who doesWithholding Apply to:
• P-FFIs (must withhold 0n payments made to NP-FFIs and their limited branches and affiliates).
• (1) Prima Facie FFIs; (2) Electing Participating FFIs; (3) Non-Compliant FFIs; (4) RAHs.
Exceptions, Exemptions, and Interpretation:
1. Withholding Exemptions and Withholding Exclusions.
2. Grandfathered Obligations.
3. Modified Grandfathered Obligations.
4. Passthrough (“passthru”) Payments.
24
3

25. Withholding Exemptions and Exclusions
EXEMPT from FATCA withholding:
• ECI - Income effectively connected with a U.S. trade or business included in a beneficial owner’s annual gross income.
• Short-term obligations - Interest on certain short-term debt obligations (i.e. debt with an original term of less than 183 days such
as Commercial Paper, Repurchase Agreements, certainTreasury Bills).
• Foreign source income – non-U.S. source income.
• Excluded non-financial payments.
EXCLUDED non-financial payments:
• Payments for services (including employee wages or other employee compensation like stock options).
• Payments for use of property.
• Payments for office and equipment leases and software licenses.
• Payments for transportation or freight.
• Payments for awards, prizes, gambling winnings, scholarships.
• Payments for interest on outstanding accounts payable (acquisition of goods or services).
• Payments for gross proceeds from sale of property giving rise to certain excluded non-financial payments.
• Bank custody fees, investment advisory fees, brokerage fees ARE NOT EXCLUDED.
25
3

26. Grandfathered Obligations
Grandfathered Obligations (GOs):
• Obligations that are legally binding and outstanding as of 1 July 2014 that produces or could produce a
withholdable payment or foreign passthru payment, as well as the gross proceeds from the disposition of
such an obligation, but excludes:
• Instruments treated as equity for U.S. tax purposes.
• Instruments that lack a stated expiration, term, or maturity date.
• Brokerage, custodial, or other similar agreements to hold financial assets for the account of others.
• Derivatives (ISDA) Master Agreements that set forth general terms (not individual MA Confirmations).
• Examples include: debt instruments; lines of credit; revolving credit agreements (fixed maturity and
material terms); term annuity contract; derivatives transaction
Modified GOs:
• GO’s that are subject to “material modification” will be treated as newly issued on the date of
modification and will not benefit from FATCA exemptions any more.
• Material modification includes a significant amendment of terms of obligation, such as changes
in the underlying obligor or security, timing of payments leading to a material deferral of
scheduled payments, the yield (by more than the greater of 5% annual yield or 25 basis points).
26
4

27. Passthrough (“Passthru”) Payments
What are Passthru Payments:
• Any withholdable payment, or other payment, to the extent attributable to a withholdable
payment.
• USFIs will not be required to withhold on foreign passthru payments.
• A passthru payment subject to 30% withholding does not have to be directly related to U.S.
source income of the FFI.
• Example 1: a RAH or NP-FFI receiving a passthru payment from a P-FFI is subject to 30%
FATCA withholding tax.
• Example 2: a RAH or Non-Compliant FFI receiving a passthru payment from a P-FFI is subject
to 30% FATCA withholding tax (if it holds U.S. assets in its own capacity, in a custodial capacity,
or through synthetic exposures to U.S. assets).
• Example 3: a payment on a derivatives contract such as a foreign exchange swap is treated as a
passthru payment subject to 30% FATCA withholding tax on the amount attributable to the
entity’s U.S. assets).
27
3

28. Passthrough (“Passthru”) Payments
What we currently know about Passthru Payments:
• P-FFIs will not be obliged to trace passthru payments to NP-FFIs or RAHs (tracing method rejected by IRS).
• P-FFIs will be obliged to withhold 30% tax on passthru payments made to NP-FFIs or RAHs.
• This applies even on non-U.S. source payments.
• The amount of the passthru payment will likely be based on the FFI’s Passthru Payment
Percentage (PPP) (Notice 2011-34).
• PPP is a mathematical formula under which a % of non-U.S. source payments will be deemed
attributable to U.S. sources, according to FFI’s ratio of (U.S. assets : non-U.S. assets).
• A FFI that does not calculate or publish their PPP will be deemed to have a PPP of 100%.
28
3
Sum of U.S. assets (held on each of last 4 quarterly testing dates)
Sum of total assets (held on each of last 4 quarterly testing dates)

29. 29

30. 30
Presentation Information
DECLARATION OF CONFLICTING INTERESTS
The author declares that to the best of his knowledge he has no potential conflicts of interest with respect to the research or
authorship of this presentation.
ABOUTTHE PRESENTER
Rodrigo Zepeda is an independent consultant who specialises in derivatives and financial services law, regulation, and
compliance. He holds a LLM Masters degree in International and Comparative Business Law, has been an Associate of the
Chartered Institute for Securities and Investment since 2004, and has passed the New York Bar Examination. He has also
published widely in leading industry journals such as the Capco Institute’s Journal of Financial Transformation, the Journal of
International Banking Law and Regulation, as well as e-books on derivatives law. Noted publications include “Optimizing Risk
Allocation for CCPs under the European Market Infrastructure Regulation”; “The ISDA Master Agreement 2012: A Missed
Opportunity”; “The ISDA Master Agreement: The Derivatives Risk Management Tool of the 21st Century?”; and “To EU, or not to
EU: that is the AIFMD question”.
CONTACT DETAILS
Email: rodrigo@zepeda.co.uk
LinkedIn: http://www.linkedin.com/in/rodrigozepeda
Mobile: UK + (0)7592457373

31. The Foreign Account Tax Compliance Act (FATCA)
The Three Pillars of FATCA
SESSION 3
Training Programme
FATCA for LATAM Firms
23-24 February 2015 (Panama City), 25-26 February 2015 (Santo Domingo)
Rodrigo Zepeda
Independent Consultant