Dentons - Bank Notes

FATCA: Is It Relevant to my Syndicated Loan?

March 29, 2012

The new US withholding and tax reporting rules, often referred to as the Foreign Account Tax Compliance Act (FATCA), have presented many non-US financial institutions (FFIs) with an unpleasant choice: become a "participating FFI", by agreeing to (i) provide specific information to the US tax authorities on your US account holders and (ii) make 30% withholdings on a wide range of payments you make to non-participating FFIs or so-called recalcitrant account holders; or incur a 30% withholding on payments you receive from US sources or from participating FFIs.

Noting of Interest – The End of an Era?

March 29, 2012

The Association of British Insurers (ABI) has given notice to the British Bankers Association (BBA) that on 30 June 2012 it will end the longstanding protocol designed to protect banks interests as mortgagees of property.