The Malta Funds Industry Association is assessing the implications of the Foreign Account Tax Compliance Act (FATCA) on the local funds industry, and a technical brief is to be released to its members by the end of August 2013.

This brief will be followed by a presentation and discussion of this topic in an educational clinic being held in September 2013 for the members of the association.

FATCA targets tax non-compliance by US taxpayers with foreign accounts.

The association (MFIA) in collaboration with FinanceMalta also organised an educational clinic for its members and the financial services community on the Alternative Investment Fund Managers Directive (AIFMD) and its practical implications and impact on the various stakeholders operating within the local funds industry.

Kenneth Farrugia, chairman of the MFIA, said: “The AIFMD will have a significant structural impact on the fund industry, and over the past months the MFIA has been very active on this subject by issuing three technical briefs and organising two educational clinics in order to assist its members gear up for the Directive.”

“The association is also setting up sub-committees for its different categories of members, which will provide an excellent platform for experts to meet regularly in roundtable events, to exchange views on matters of common interest, to share best practices and to analyse and monitor any significant new developments.”

Firms wishing to join the association are invited to contact Anatoli Grech on agrech.vfm@bov.com or 2275 5201.