This week’s sold-out seminar on the US legislation known as FATCA – the Foreign Account Tax Compliance Act – will give Cayman’s financial services industry additional clarity on this vital issue that will affect many businesses on-island.  While a frequent topic of discussion, FATCA and its impact may not be fully comprehended, and so, the assembled experts presenting at the seminar will give a clearer focus for attendees.

The seminar, the result of a joint effort by Cayman Finance and the Cayman Islands Government’s Ministry for Financial Services, will be held on Thursday 27 June at the Westin Grand Cayman Resort.  A half-day event, the seminar starts at 8.00 am for breakfast and registration and will be hosted by Cayman Finance CEO Gonzalo Jalles.  The main programme begins at 8.30 am, with opening remarks by the Honourable Wayne Panton, Minister for Financial Services, followed by a presentation by Michelle Bahadur, Director with the Financial Services Secretariat.   The Cayman Islands Government has announced its intention to sign a Model 1 inter-governmental agreement with the US authorities that should ease the impact of the new legislation on businesses in Cayman.  Ms. Bahadur will give an update as to how these negotiations are currently progressing.

Financial Services Minister Wayne Panton said the seminar will provide important timely information for attendees.

“Industry’s response to the seminar indicates its commitment to understanding FATCA’s requirements, and its diligence in keeping up-to-date as the US continues to move forward with FATCA’s implementation,” he said.

To this end, additional presenters — attorneys Martin Livingston from Maples and Calder and Steven L. Cantor from Cantor & Webb P.A. — will highlight exactly who will be affected, as well as discuss the key implications for the industry from the perspective of trusts, funds, structured finance, and securitisation vehicles.

In addition, Paul Eldridge from PricewaterhouseCoopers Bermuda will speak to the all-important FATCA registration process all foreign financial institutions will have to undertake, regardless of the Cayman Islands Government’s signing of the inter-governmental agreement, and broaden the dialogue by discussing how FATCA will impact the insurance industry, as well as individuals.

Time is allotted at the end of all three sessions for Q&A, and the seminar will close at 12.30 pm.

Mr Jalles said the reach of FATCA is broad and deep.  “FATCA’s impact will begin to be felt this year as the various components of the legislation begin to take effect,” he said. “The seminar is sold out, and we are encouraged by the degree of participation in this first of a series of important updates produced jointly by Cayman Finance and the Ministry for Financial Services.  By working in partnership to educate and inform we all further our joint aim of ensuring Cayman’s financial services industry remains strong and vibrant for now and for years to come.”

For further information on Cayman Finance, please visit www.caymanfinance.ky.