Tag: FATCA

BLG’s Resource Corner

Our colleagues at BLG have provided the following insights we thought might interest our readers: Winter and FATCA/CRS audits are coming for financial institutions Proposed access-based model for investment funds’ financial disclosure Cybersecurity framework and...

Bulletin | New Year Edition | January 2021

In this bulletin: Ontario’s Capital Markets Modernization Taskforce Releases Final Report CSA Publishes More FAQ Guidance on the Client-Focused Reforms FINTRAC Updates its Guidance on Conducting AML Risk Assessments  Reviewing Fund Custodian Arrangements FAQ Corner:...

FAQ Corner: Can a portfolio manager or investment fund that is subject to FATCA/CRS due diligence and reporting obligations rely on a dealer or third-party custodian to conduct these activities on its behalf?

Answer: The FATCA and CRS provisions of the Income Tax Act (Canada) (the “ITA”) and the guidance issued by the Canada Revenue Agency (CRA) in connection with those provisions addresses the application of the FATCA and CRS due diligence and reporting requirements in...