Markit Launches Tax Compliance Solution
CTI Tax Solutions supports Fatca reporting
![jon-may-markit jon-may-markit](/sites/default/files/styles/landscape_750_463/public/import/IMG/475/343475/jon-may-markit.jpeg.webp?h=4de23c56&itok=tJjAdcpi)
Financial information services provider Markit has launched CTI Tax Solutions, a tax utility service that supports compliance with the US Foreign Account Tax Compliance Act (Fatca).
Markit designed the utility in collaboration with Deutsche Bank, HSBC and Morgan Stanley, using its existing Counterparty Manager database of 113,000 legal entities including buy-side firms and corporates.
"We are uniquely positioned to offer clients cost savings and more robust regulatory coverage as they manage their Fatca and other rules like the Common Reporting Standard [CRS]," says Jon May, managing director and global head of regulatory and compliance managed services, Markit. "This is a natural extension of our regulatory compliance and tax ecosystem to enable our customers to meet KYC and specific Fatca requirements."
According to Markit, more than 650 buy-side firms and corporates have signed up to the utility, and the service has validated over 21,000 tax forms. It is on target to have more than 30,000 forms validated by the June 30 Fatca compliance deadline. The company plans to extend the utility later this year to support CRS reporting.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Regulation
Northern Trust offers internal fund accounting, data tools to clients
Regulations and a mandate to enhance quality and transparency in a bid to improve the investor experience are pushing buy-side firms to have more oversight of their third-party providers.
EU firms press for faster move to T+1 after smooth US rollout
Following the example set by North America, 70% of attendees at a European hearing on shorter settlement cycles favored a Q4 2027 switch to next-day settlement.
Finra clears hurdle with CAT launch, but several others remain
Two major components of the consolidated audit trail are now in place. But wrangling over the CAT’s future continues.
Bloomberg, industry bodies push back on Cboe’s proposed OEMS rule change
Some industry bodies disagree with the options exchange’s proposal to carve its Silexx OEMS out of the SEC’s definition of an exchange facility and place it into a separate business line.
GenAI: US Fed reveals its five use cases
Internal sandbox used to assess viability and risks; coding and content generation on the agenda.
Zeros and ones: Industry contemplates T+0 as the next step
With the North American transition to T+1 settlement complete, same-day settlement could be the next goalpost set, though skeptics are many.
The IMD Wrap: Déjà vu as exchange data industry weighs its options
Max highlights some of WatersTechnology’s recent reporting on data costs and capacity issues facing the options industry, and asks, haven’t we seen this before somewhere?
FRTB data quality issues persist amid shifting implementation dates
Banks are finding market and reference data challenges posed by the FRTB’s standardized model tricky, compounded by uncertainty over when the regulation will take effect.