A Complimentary Webinar Discussion on

TRACE

Assessing the Impact on the Financial Industry

Tuesday, 2 June 2020 - 12pm BST | 1pm CET | 2pm Finland

Produced in Partnership with

About This Webinar

Since Finland's announcement to be the first country to adopt the OECD’s Treaty Relief and Compliance Enhancement (TRACE) Implementation Package from 1st January 2021, there has been much excitement in the marketplace about the new regime and the opportunity it presents for financial institutions operating in global markets. 

Created to standardise the procedures for providing treaty relief at source, TRACE impacts portfolio investors who may claim treaty benefits for dividends paid on Finnish shares held on nominee-registered accounts. Also functionally very similar to the US Qualified Intermediary (QI) and the Irish QI regimes, TRACE relies on the correct taxation of cross border income at source.

First steps include registration into the Register of Authorised Intermediaries (AI), which should begin on 1 July 2020. Registration will then come into force and the register will be published on 1 January 2021. 

So how do banks with Finnish assets under custody position themselves for success? What can other global banks learn from this first adopter? Why should a QI consider becoming an AI within TRACE and what are the benefits?

These are some of the questions we aim to address with our expert panel who will discuss what TRACE means for custodian banks including:

• TRACE mechanism

• Documentation, withholding and reporting obligations under TRACE

• Best practices and lessons learned from dealing with the Finnish Tax Authorities

• How TRACE differs the US Qualified Intermediary regime

• KPMG’s Finnish and international tax expertise

• BearingPoint’s tax reporting solutions for TRACE

Webinar Panel

PANEL MODERATION BY:

About

BearingPoint RegTech

BearingPoint RegTech, a leading international provider of innovative regulatory and risk technology solutions (RegTech & RiskTech) and services along the Regulatory Value Chain for FS. BearingPoint's FiTAX, a standard software for financial institutions to produce tax reports required by tax authorities, was awarded "Best Solution-Tax Reporting" at the Regulation Asia Awards for Excellence 2018.

FiTAX is a standardized, ready-to-use tax reporting software that meets the reporting requirements of QI, QDD / 871(m), FATCA, CRS/AEOI and DAC6 /MDR reporting. It enables financial institutions to fulfill tax reporting duties in more than 130 countries.