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

TRACE

Assessing the Impact on the Financial Industry

In Partnership With

Tokyo
Why This Webinar Panel Discussion?

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

The Key Take-Aways

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

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The Webinar Panel

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This Webinar is in Partnership with

REGNOLOGY

Regnology is a leading international provider of innovative regulatory, risk, and supervisory technology solutions (RegTech, RiskTech, and SupTech), of AEOI and tax reporting products, as well as of services along the Regulatory Value Chain for financial services. Regnology has been a partner for banks and regulators for 25 years. Until the end of 2020, the company was part of BearingPoint group and operated under the name BearingPoint RegTech. Since the sale of the RegTech business to private equity firm Nordic Capital, the company has been independent. In June 2021, the company joined forces with Vizor Software and recently changed its name to Regnology. In total, Regnology serves more than 7,000 financial services firms with reporting solutions. At the same time, the company enables more than 50 regulators and tax authorities on five continents to collect data from 34,000 firms in 60 countries. Regnology has a total workforce of over 770 employees at 17 office locations in 12 countries.