SIX Financial Information has released the universe of securities that will be affected under FATCA withholding ahead of the effective date of July 1 2014.
“Given the fact that FATCA is an extreme priority for the financial industry and sensing clients’ immense time constraints, we decided to make it our priority to implement our solution as soon as possible. Today, we are pleased to be able to give our clients a head start with our comprehensive and up-to-date FATCA offering,” said Dominique Tanner, head Business Development at SIX Financial Information.
The instrument classifications needed to comply with FATCA are available in Valordata Feed (VDF), where relevant instruments are identified within the 12 million instrument universe and are classified as in scope, exempt grandfathered, or exempt short-term. In the future, SIX will monitor the grandfathered instruments for material modifications, leveraging its corporate actions data service for this specialized compliance activity.
In addition to data on instrument level, SIX plans to incorporate the Global Intermediary Identification Number (GIIN) – the US Internal Revenue Service (IRS) identifier for participating Foreign Financial Institutions. GIINs will be linked to VDF issuer data when published by the IRS, expected in June 2014. The GIINs will be cross-referenced with other entity level identifiers such as the LEI that already exist in SIX’s database of global securities and issuer data.
SIX Releases U.S. FATCA Instrument Classification Data
SIX Financial Information has released the universe of securities that will be affected under FATCA withholding ahead of the effective date of July 1 2014.