On 7 February 2017, the Minister of Finance of Ukraine and the
US Ambassador to Ukraine signed a treaty on Ukraine's
performance of the US Foreign Account Tax Compliance Act (FATCA)
(the Treaty). According to the Ministry of Finance of Ukraine, the
Treaty is based on the Model 1B Intergovernmental Agreement.
FATCA introduces duties for foreign financial institutions to
register with the US Internal Revenue Service (IRS) to report on
accounts held by US persons or companies, where US persons hold
substantial corporate interests.
Many Ukrainian banks have already voluntarily complied with
FATCA obligations for many years. Once the Treaty comes into
effect, FATCA compliance will be obligatory for all Ukrainian
banks, insurance companies and other financial institutions that
will then be required to report the information about Reportable
Accounts to Ukrainian authorised government bodies, where it would
be collected and transferred to the IRS on automatic basis. FATCA
allows the IRS to cross-check on financial reporting by US citizens
The Treaty needs to be ratified by the Ukrainian Parliament
through adoption of a law to become mandatory in Ukraine. All other
necessary laws and regulations with respect to the Treaty's
implementation are yet to be adopted as well.
We will monitor the situation and will keep you posted on
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The seminar will take place on 31 March 2017. It aims to provide German companies with an overview of the latest developments in relation to insurance coverage, banking transactions and legal aspects of doing business with Iran.
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The implementation of the mandatory exchange of initial and
variation margin for non-cleared OTC derivative trades in the EU
commenced on 4 February for financial counterparties with the
largest derivatives portfolios.
Nevertheless, a RAIF's investment policy is subject to certain risk diversification requirements laid down by the CSSF.
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