The US Foreign Account Tax Compliance Act introduces a regime of how withholding-tax risk needs to be allocated between financial institutions and their counterparties and clients, which is different from the way other withholding-tax risk had traditionally been allocated. The regime necessitates special arrangements that can be agreed upon through amendments or inclusion of clauses into existing or new transactional documents, such as the International Swaps and Derivatives Association agreement, the Global Master Repurchase Agreement and loan agreements. ASIFMA, GFMA's Asian affiliate, will host a webinar, "FATCA's Impact on Transactional Documentation", that addresses these amendments and new clauses at 9am Hong Kong time today. All are welcome to join the webinar.
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