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Nov 12, 2014

Eurex Clearing

Eurex Clearing’s FATCA readiness: Self-identification of Clearing Members according to new US tax regulation

On 1 July 2014, the Foreign Account Tax Compliance Act (FATCA) came into effect. The new provisions foresee a wider definition of the term “US person” as well as increased reporting requirements for these persons, and impose a 30 percent FATCA withholding tax on certain US-source payments. In addition, the term “withholdable payment” was given a much broader meaning than under the previous Qualified Intermediary (QI) regime.

Following these new rules for the taxation of US persons, Eurex Clearing has to fulfil new registration requirements with the US tax authorities and the requirement to identify its Clearing Members.

The Clearing Members are requested to submit their self-identification by using the appropriate US form (W-8 or W-9) in original version to Eurex Clearing by 19 December 2014 at the latest.

The forms and pertaining instructions in their respectively latest versions are available for download on the website of the US tax authority IRS under this link:

http://apps.irs.gov/app/picklist/list/formsInstructions.html