FATCA – Registration Portal Delayed And Certain Deadlines Extended

On July 12, 2013, the Internal Revenue Service announced revised timelines in connection with the staged implementation of the various due diligence, verification, withholding, and reporting requirements contained in IRC sections 1471 – 1474, commonly known as the Foreign Account Tax Compliance Act, or FATCA. The announcement, set forth in Notice 2013-43 (the "Notice"), provides that the FATCA registration Portal will not be available by the promised date of July 15, 2013, extends the deadline for participating foreign financial institutions to diligence their accounts for US accounts by six months, extends other key dates with respect to the implementation of FATCA by six months, and announces relief for financial institutions that are in the process of negotiating FATCA implementation agreements with the United States.