About FATCA

Rationale and objectives of the Asset Management Company’s participation in FATCA

The Asset Management Company and the fund (under the administration of the Asset Management Company) are considered a Foreign Financial Institution (FFI) under the FFI definition of FATCA and are required to:

Be bound by the IRS or, in other words, become a Participating Foreign Financial Institution (PFFI) of which duties mentioned in 1 are to:
- Report information and financial transactions of U.S. individuals and juristic persons with characteristics specified by FATCA;
- Check clients’ information to find any relationship between clients and the United States and request that certain clients provide identification documents that meets FATCA’s specifications.
If asset management companies and mutual funds do not comply with FATCA’s requirement (Non-Participating Foreign Financial Institution) (NPFFI), they will:
- Be subject to 30% withholding tax by FATCA Participating Foreign Financial Institution on income directly or indirectly sourced from or referenced to the U.S. securities regardless of whether the income is generated by such NPFFI or it is clients’ saving including clients who are non-U.S. citizens in which case the withholding tax is not only based on the return but also includes the principal in the calculation (depending on the effective date specified by FATCA);
- May be refused to make transactions with other FATCA PFFI which will hinder the business of the Asset Management Company.

Therefore, to protect the interest of all unitholders, the Asset Management Company and the mutual fund (under the administration of the Asset Management Company) are bound by and must comply with the criteria and the requirement of the relevant laws to ensure that asset management companies and mutual funds are able to fulfill the obligations under requirements and criteria of the relevant laws.

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About FATCA

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