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Banking and the Impact of the New FATCA Regulations

Banking and the Impact of the New FATCA Regulations
Product Code - TMA75
Speaker(s): Carol Tello, Partner, Sutherland, Alan Granwell, Partner, DLA Piper LLP and Robert J. Foley, State Street Product Tax Department
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Treasury has just released hundreds of pages detailing the new regulations under the Foreign Account Tax Compliance Act ("FATCA"). The information reporting and withholding rules will have a pervasive impact on foreign financial institutions (FFIs) and on non-financial foreign entities (NFFEs).

Here’s your opportunity to hear a top-level panel of industry leaders and private practitioners discuss & dissect how the new regulations will impact the Banking industry. Sufficient time will be allotted for attendees to pose questions to the panelists.

Panelists will discuss:

  • Impact of the proposed intergovernmental agreements
  • Evolution of guidance from the prior notices to the proposed regulations
  • Next steps for banking institutions
  • Burdens of due diligence
  • Deemed compliant entities for banking institutions
  • Loan documentation issues 

Educational Objectives

  • Understand the impact of FATCA on foreign financial institutions (FFIs), and what will be required for these institutions to prepare for FATCA’s coming into effect.
  • Understand what the category of “nonfinancial foreign entity” (NFFE) will mean in practice.
  • Understand the scope of “withholdable payments,” and how this characterization will affect transactions with FFIs and NFFEs.
  • Understand what payments may be covered by more than one withholding regime, and which regime to apply to payments with overlapping obligations.
  • Understand information and reporting obligations when paying an FFI, a "deemed-compliant FFI," or an FFE.


Carol Tello, Partner, Sutherland, Alan Granwell, Partner, DLA Piper LLP and Robert J. Foley, State Street Product Tax Department

Carol Tello is a partner in Sutherland Asbill & Brennan LLP’s Washington office and a member of its Tax Practice Group where she focuses primarily on international tax matters. Her practice includes a broad range of cross-border tax planning and Internal Revenue Service (IRS) controversy matters for both business entities and individuals. Much of her work has been for insurance companies in the cross-border context. She has particular experience in cross-border restructuring transactions, inbound corporate transactions, withholding matters, and treaty interpretation issues, as well as cross-border taxation of corporate executives and the U.S. taxation of non-U.S. citizens. She also advises clients on tax issues involving intellectual property transactions.

Her prior experience includes service in the IRS Office of Associate Chief Counsel (International) and as a Special Assistant to the Assistant Commissioner (International). While at the IRS, she participated in a number of income tax treaty negotiations, was the IRS National Office adviser in several Tax Court cases, and worked on various regulations and other guidance, including significant participation in developing regulations concerning the taxation of software transactions.

Carol is the author of the BNA TMP 915-3 Payments Directed Outside the United States - Withholding and Reporting Provisions Under Chapters 3 and 4, as well as numerous articles on various tax issues. She also has been recognized in Euromoney’s The Guide to World’s Leading Tax Advisers (2011).

Alan Winston Granwell is an international tax partner resident in DLA Piper's Washington, DC office. Mr. Granwell’s practice encompasses representing multinational corporations on cross-border planning, to include acquisitions, dispositions and business restructurings, IP migrations, services arrangements, repatriation planning, international insurance, international transportation, cross-border leasing, transfer pricing and the use of bilateral tax treaties. He also advises high-net-worth individuals on cross-border tax planning and structuring.

Recently, Mr. Granwell has become active in advising investors from emerging countries engaged in cross-border transactions involving the United States and Europe and in advising financial institutions and their clients on international tax enforcement initiatives. He conducts an active administrative practice, regularly representing clients before the Internal Revenue Service and the US Treasury Department.

Robert J. Foley, Bob heads the State Street Product Tax Department with professionals in Boston and Toronto. The Department advises on tax withholding and tax reporting affecting clients. Bob is the senior company-wide subject matter expert on tax treaty matters, the US FATCA tax legislation, and the US section 1441 regulations.

Bob has been a member of the OECD Collective Investment Vehicles (CIV) informal consultative group, and the US IRS IRPAC committee (Information Return Program Advisory Committee), where he was the LMSB Subcommittee chair for two years. Bob is a current business-side advisor to the OECD Treaty Relief and Compliance Enhancement (TRACE) group.