SIX Financial Information published its first Valordata Feed (VDF) structural changes in preparation for the introduction of the US Foreign Account Tax Compliance Act (FATCA), affecting the financial industry worldwide.
In light of the FATCA implementation anticipated to begin on the 1 January 2014, SIX Financial Information is already preparing its reference data structure to match the latest regulatory requirements. In order to ensure a solid implementation, a number of enhancements have already been made to VDF at the institution and instrument level.
As part of the latest VDF release, the structures and labels required to mark the institutions and instruments affected by FATCA have been introduced. The implementation of rule sets and any potential sources to populate the structures will only be specified and carried out after the IRS has issued the final regulations and the relevant sources become available.
"We are pleased to service our clients with a broad range of tax and regulatory data that facilitates efficiencies and compliance," stresses Ivo Bieri, Head Business Development at SIX Financial Information. "We gradually incorporate structural changes into VDF to give our clients sufficient adjustment time, to ensure when FATCA goes into effect we can purely focus on accuracy and quality of data."