Irish FATCA Regulations enacted and in force from 1 July 2014

July 2014
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Irish FATCA Regulations enacted and in force from 1 July 2014

At a glance

The regulations complete the legislative basis for the registration, due diligence and reporting obligations of Irish Financial Institutions.

The Financial Accounts Reporting (United States of America) Regulations 2014, which give effect to FATCA in Ireland, were signed into law on 20 June 2014 and are effective from 1 July 2014. The Regulations complete the legislative basis for the registration, due diligence and reporting obligations of Irish Financial Institutions.

The main amendment to the Regulations, as compared to the previous draft released in January,is the addition of two new categories of Financial Institution. The definition of a Reporting Financial Institution has been updated to include holding companies and treasury companies of a financial group. Exemptions still apply for holding companies and treasury companies of a nonfinancial group.