Tax

FATCA update for asset managers in Asia

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Watch On-Demand

With the release of the final Foreign Account Tax Compliance Act (FATCA) regulations earlier this year, non-US entities, including asset management firms in Asia, must determine their obligations.

Certain non-US entities whose FATCA status is documented will have limited or no FATCA obligations. Requirements will also vary by country depending on intergovernmental agreements (IGAs) with the U.S.

Join us on the webcast to learn about:

  • Key concepts and requirements of FATCA
  • Overview and update on IGAs
  • Challenges for asset managers in Asia including legal entity analysis, registration and customer due diligence documentation
  • Next steps for asset managers in Asia

The webcast will be of interest to:

  • Compliance officers
  • Directors
  • Audit committee members
  • Controllers from asset management groups
  • Fund administrators
  • Other potentially responsible officers

 

Panelists:

Michael Stenske

Ernst & Young Tax Services Ltd

Michael is a Hong Kong based director within Ernst & Young’s Financial Services Office. He has 12 years of experience, with the past 5 years being in Hong Kong, focusing primarily on the taxation and structuring of hedge funds and private equity funds.

Prior to moving to Hong Kong, Michael worked in Ernst & Young’s San Francisco practice serving hedge funds, private equity and venture capital funds.

Michael has broad knowledge in US taxation of partnerships, corporations and financial product taxation which he uses to provide a wide variety of tax advisory and compliance services to multinational and Asian based hedge funds, private equity funds, offshore funds and investment advisors.

Michael has provided US tax support for Asia-Pacific FATCA impact assessments for a global insurers and asset managers. He is a frequent speaker at industry events focusing on the impact of FATCA on the asset managers.

Michael is licensed by the State of California as a CPA.He received his B.A. from the University of Michigan, Ann Arbor and M.P.A. from the University of Texas at Austin.

Tobey Schumacher

Ernst & Young LLP

Tobey is a Tax Senior Manager in the International Funds Practice in London.

Tobey has over 12 years’ experience working with large international real estate funds and private equity funds on US tax matters including fund formation, asset acquisitions and dispositions and management compensation.

Tobey has significant experience with US and non-US partnership tax issues, structuring of investments, issues related to US tax-exempt investors, US withholding taxes, entity classification planning, PFICs, CFCs and securities taxation. Additionally, Tobey has had previous experience working on cross-border restructurings, US inbound and outbound transactions, FIRPTA, tax treaty analysis, and permanent establishment.

Tobey has experience assisting multi-national asset managers in their response to FATCA including implementing organisational change programs to comply with FATCA and providing technical support in interpreting FATCA. Tobey is a Certified Public Accountant in Texas. He holds a Masters of Accountancy from the University of Oklahoma.

Desmond Teo

Ernst & Young Solutions LLP

Desmond is a Partner with Ernst & Young Solutions LLP’s Financial Services Tax Group in Singapore. He has over 14 years of tax experience. He provides international corporate tax advisory engagements with specific focus in financial services. He also provides tax advisory services covering cross-border structuring, group restructuring, tax due diligence and M&A structuring.

Desmond spent two years in Ernst & Young, New York office where he helped set up the inaugural Singapore Tax Desk as part of the America’s International Tax Services practice. He also helped US MNCs and financial institutions expand or restructure their Pan-Asia operations, where he lead-managed some of the Pan-Asia tax advisory engagements.

Desmond holds a Bachelor of Accountancy (upper class honours) from the Nanyang Technological University, Singapore and is a member of the Institute of Certified Accountants of Singapore.

Moderator:

Ward Coombs

Ernst & Young LLP

Ward is a partner in the Financial Services Group based in Singapore and focused on audit and advisory work for financial institutions. He has over 16 year experience in public accounting and two year experience in industry as a regional controller for a large MNC. Ward has worked in multiple Asian countries, either on a seconded basis, or on a project basis, including Korea, Japan, China and Thailand.

Ward has experience in providing financial audit, consulting and advisory services to banks, asset management companies, private equity funds, and commodity trading companies in North America and Asia. He is also experienced in advising clients on matters relating to local Generally Accepted Accounting Principles (GAAP), US GAAP and International Financial Reporting Standards.