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Financial institutions around the world are facing the renewed vigour of enforcement in existing rules and regulations, and managing new regulatory directives. It is no longer enough for compliance departments to simply communicate rules and regulations. They must also play a lead role in managing behaviour.
KPMG in Singapore has released the results from a recent analysis, looking at the significance of fair value disclosure for financial institutions as required under Singapore FRS 107. The findings will be revealed within the article. This issue will also include a section featuring recent updates in regulatory issues, accounting standards and tax legislation which may be of interest to you.
In this issue, our feature focuses on the upcoming Foreign Account Tax Compliance Act (FATCA). Soon to go into effect, FATCA requires foreign banks and other financial institutions to provide the U.S. Government with information about the financial holdings of U.S. tax-obligated persons. Failure to cooperate can trigger stiff penalties.
In this first issue, our anchor topic focuses on domiciled fund vehicles in Singapore - the tax incentives and operational benefits they enjoy, local standards of professionalism and their impact on the cost of doing business, and some of the benefits that funds accrue when they use independent directors.