- Cybersecurity is a critical business issue for hedge funds and other investment management firms. The financial consequences of a cyber attack can be significant and could result in a serious impact to a firm’s reputation. Not surprisingly, cybersecurity is also a growing concern for regulators, and an area where fund managers are increasing their focus.
- On Sept. 30, 2015, most countries with a Model 1 IGA in place will begin to report financial information to the US government under FATCA.
- The AICPA recently released an exposure draft of the proposed revisions to the Trust Services Principles and Criteria. The most significant change in the proposed revisions is the integration of the privacy principles and criteria into the common criteria.
- With the Foreign Account Tax Compliance Act (FATCA) now in full swing, both US and foreign taxpayers are being asked about their FATCA status. Foreign financial institutions (FFIs) generally have to comply with the withholding, reporting, and due diligence requirements of FATCA if they receive US source income.
- Since the Committee of Sponsoring Organizations (COSO) issued its Internal Control — Integrated Framework (2013 Framework) in May 2013, many organizations have implemented the new framework to comply with the initial December 15, 2014 transition deadline. The 2013 Framework requires management to assess whether 17 principles are present and functioning, which is a change from the previous framework. Further, the 2013 Framework includes points of focus, which are important characteristics of the 17 principles and assist management with determining whether controls are properly present and functioning.
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