Regulatory Reporting

We work alongside you to find opportunities in regulation. Cross boarder trading can actually extend and further diversify your portfolio and even open the potential for launching new products and accessing new markets.

Through our network of offices covering all key jurisdictions worldwide, we have unparalleled regulatory expertise both locally and on a global scale. We are able to offer cross-jurisdictional solutions and expertise enabling you to invest in any region or market with confidence in your compliance with local regulations and law.

FATCA Services
CRS Services
Annex IV Reporting
Form PF

FATCA is a US law aimed at reducing tax evasion by US citizens and residents through the use of offshore assets and accounts. FATCA requires reporting on two items:

 

  • U.S. taxpayers must report on certain foreign financial accounts and offshore assets.
  • Foreign Financial Institutions (FFIs) must report on financial accounts held by U.S. taxpayer or foreign entities in which U.S. taxpayers hold a substantial ownership interest. If FFIs do not comply with FATCA they will be subject to a 30% withholding tax penalty on certain U.S. sources of income.

 

With extensive understanding of both US tax requirements and local regulations elsewhere in the world, we are perfectly placed to assist with FATCA compliance.

 

Services include:

 

  • Obtaining the Global Intermediary Identification Number (GIIN) which is needed to demonstrate FATCA compliance in order to avoid any withholding penalties.
  • Classifying investors tax status based on documentation provided. In instances whereby there are indicators of US place of birth then we will request in addition to the self-certification a copy of the investor’s certificate of loss of nationality or a reasonable explanation as to why the investor does not have such a certificate.
  • Contacting investors where there is insufficient data to determine US status and where applicable request self-certifications in order to determine US status.
  • Performing a full review of investors as at the 31st December each year to identify any change of circumstances. The reviews will focus on US status and US indicia to ensure that reporting on any new investors is accurate and any updated information obtained for existing investors is captured prior to reporting. Accounts shall be treated as US reportable accounts if after the application of due diligence procedures the status of the account is still ambiguous.
  • Reporting on accounts that are classified as ‘recalcitrant accounts’ post the due diligence reviews.
  • Reporting on all accounts deemed to be held by a US person or entity as per the provisions of the IGA to the relevant local tax authority within the specified reporting deadlines using the FATCA XML Reporting Schema.
  • Acting as the principle point of contact through one of our employees.
  • To keep a record of the documents as per the regulatory provisions and provide report to the board of the company.

CRS is a set of global standards for the automatic exchange of financial account information which impacts on the information gathered from every investor and account holder. CRS is designed to support and give effect to the Automatic Exchange of Information (AEOI) which is a globally coordinated standard inhibiting offshore tax avoidance and evasion; it does however mean that there is a major increase in reporting requirements for mangers.

 

We can help assist in making this process hassle free and help funds prepare to comply with CRS obligations.

 

Services include:

 

  • In accordance with account opening procedures record one or multiple tax residencies where applicable.
  • Classifying investors tax status based on documentation provided.
  • Contacting investors to obtain additional tax documentation where required.
  • Performing a full review of investors as at the 31st December each year to identify any change of circumstances
  • Reporting on accounts that are classified as ‘undocumented accounts’ post the due diligence reviews.
  • Reporting on all accounts deemed to be held by a CRS reportable account to the relevant local tax authority within the specified reporting deadlines using the CRS XML Reporting Schema.
  • Acting as the principal point of contact through one of Apex group employee.
  • Keeping a record of the documents as per the regulatory provisions and provide report to the board of the company.

As part of the reporting obligations under AIFMD, all European registered alternative asset managers marketing into the EU or EEA are now required to report to their particular jurisdiction under AIFMD.

Non-EU alternative fund asset managers are also required to file in all jurisdictions into which they market.

There are two Annex IV report categories:

  • AIFM report: A consolidated view of assets managed.
  • AIF report: Required for each fund detailing assets held, exposures, investor profiles etc.

Our process is an easy to manage end-to-end filing process affording AIFM’s a local dedicated Apex account manager, alongside the backing of a global firm experienced with multiple jurisdictional and regulatory requirements.

Our Annex IV Reporting service uses market leading technology to ensure accuracy, consistency, timeliness and control.

 

Services include:

  • Conducting an initial scoping exercise to determine the reporting frequency and initial reference data for the AIFM and AIF.
  • Agreeing with the AIFM the process to obtain and confirm reference / static data for subsequent reports.
  • Agree how and what Apex will collect with regards to information required to complete the Annex IV reporting that Apex does not already have in its possession.
  • Delivering in excel or HTML the completed ESMA Annex IV template with corresponding support documentation for the AIFMs approval.
  • After the AIFM approves the ESMA template prepared by us, convert the template to a submission ready XML format.
  • Delivering the submission ready XML file to the AIFM.

Form PF is a US Securities and Exchange Commission (SEC) regulatory filing requirement and affects SEC registered managers of private equity funds, real estate funds, hedge funds and liquidity funds with at least US $150 million in private funds assets.

We can help assist in making this process hassle free and help you prepare to comply with this obligation.

 

Services include:

 

  • Conducting an initial scoping exercise to determine the reporting frequency and initial reference data required.
  • Agreeing with the client the process to obtain and confirm reference / static data for subsequent reports.
  • Agreeing how and what we will collect with regards to information required to complete the Form PF reporting that Apex does not already have in its possession.
  • Providing access to our cloud based portal where the client can review and sign-off files, drill down into underlying details and run period to period comparison reports.
  • Coordinating the data, run jurisdiction specific validations and manage the end to end process.
  • Providing the client with a submission ready file or discuss the provision of submission services.

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