Friday, 14 December 2012

Model participating FFI FATCA agreement: a plea to readers

It really does not pay to start getting interested in FATCA because it raises all sorts of questions to which I really don't know the answers. And re-reading the statutes is not helping much. My question pertains to these "agreements" (aren't they really more like "submissions"--I assume they are one-sided) between the IRS and participating foreign financial institutions (PFFIs). The IRS apparently promised to release some sort of model PFFI agreement at some point...vague. Of course, the IRS has been so busy pushing through on the IGA front that it hasn't done that, at least, I cannot find anything like that anywhere. Notice that the deadline for FFIs to become PFFIs (and thereby avoid withholding, but not necessarily completely) by June 30 of next year? Again, one gets the feeling that FATCA is rushed and it is truly brazen given that the problems for the rule of law it poses are legion.

So my question: does anyone have (or know where I could find) an existing PFFI agreement I could look at? Or at minimum does anyone have a sense of what's in these agreements? Are they just one-sided agreements with the FFIs agreeing to hand over all the info listed in IRC s 1471, or does the IRS undertake anything therein? If you prefer not to comment in public, you can always email me via my faculty profile here.

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