An intensive two day course giving a detailed briefing, and current update, to senior managers and operational staff on the rules, procedures, audit processes and penalties of the regulations.

This course will enable delegates to:

n     Comprehend the key operational and strategic issues they will need to address

n     Understand the key compliance issues and penalties for noncompliance

n     Complete a compliance assessment of their firm

n     Meet audit and reporting requirements

n     Prepare their organization for the impact and challenges of FATCA

Qualified Intermediaries – Operational & Strategic Compliance

About the course leader

Andrew Wilson, Founder, Qualified Intermediary Solutions

Andrew Wilson is a US tax lawyer and expert in QI and US withholding tax matters. He is the managing director of Qualified Intermediary Solutions SA, a consultancy firm specialised in all aspects of the QI regime. Andrew has been involved in QI matters since 1998 (the QI rules originally were planned to come into effect in 1999). He is admitted to practice in the state of New York and before the US Tax Court, and received his J.D. (summa cum laude) from T.M. Cooley Law School and his LL.M. (in taxation) from New York University. From 2000 to 2005 he was with Studio Pirola (formerly the tax and legal services firm for the PriceWaterhouseCoopers international network for Italy) in Milan, Italy, and from 1997 to 1999 with the Washington, D.C. tax team of King & Spalding.

Aim of the course

In 2001 The United States Internal Revenue Service promulgated the most complex and advanced withholding tax regulations in the world. With 800 pages of rules, rocedures,

audit processes and penalties, the impact for financial intermediaries who manage US sourced income was and is immense as US Section 1441NRA regulations became the first example of a compliance focused double taxation regime.

The course aims to provide a detailed briefing and current update of the key issues to senior managers and operational staff using strategic level round-table discussions, presentations and technical workshops.

Format

This is a two-day intensive course designed to inform delegates of their organization’s operational

and compliance responsibilities under the US QI regime. The small course format is designed to facilitate interaction among the attendees as well as ensure areas of particular interest to the delegates will be covered. At the end of the course delegates will have:

n     Comprehend the key operational and strategic issues they will need to address

n     Understand the key compliance issues and penalties for non-compliance

n     Complete a compliance assessment of their firm

n     Meet audit and reporting requirements

n     Prepare their organization for the impact and challenges of FATCA

Who should attend?

The course will be beneficial for anyone responsible for compliance, risk management, client relationship management, client service strategy, fund or asset management, institutional investment and back office operations.

Philosophy

At Osney Media we think of our courses not only in terms of technical content but also as a learning experience. We like to put as much thought into the ‘how’ side of the course (the techniques to facilitate learning and comprehension) as into the ‘what’ side (the quality of the technical material presented). We are passionate in our desire to make our courses as effective and enjoyable as possible. Ongoing collaboration with the course tutors ensures that standards of content and delivery are continuously improved.

In-house training courses now available Osney Media now offers you the opportunity to have all of your staff trained at the same time with our in-house training courses. Whether you are looking to have established training courses brought in-house for your team, or would like us to create a bespoke training course for you, contact us today with your requirements. For more information dial

+44 (0) 20 7336 4600 or email andrew_mowbray@osneymedia.com

Agenda

Day 1

Session 1 - Essential Knowledge

Overview of the US QI regime and defining its regulatory objectives, the obligations and benefits of QI status and essential documents

Q&A

Session 2 - QI Documentation I

Client documentation is fundamental to the QI regime. In this session we will cover the W-8 series of IRS forms and the requirements needed in order to rely on know-your-customer (KYC) documentation

Workshop & Q&A

Lunch Break

Session 3 - QI Documentation II

Continuing on QI documentation, this session covers the requirements to apply a US income

tax treaty, limitation on benefits (LOB) provisions, and special problems with documenting US

clients

Workshop & Q&A

Session 4 - QI Reporting

Annual US tax reporting including Form 1042 and 1042-S, Form 1099, deadlines and extensions

Workshop & Q&A

Close of day 1

Day 2

Session 1 - Withholding, Payments and Refunds

When must a QI withhold US tax.

How to make tax payments and obtain refunds.

Q&A

Session 2 - QI Audit

Overview of the QI Audit procedures.

How to prepare for and control the QI Audit.

Q&A

Lunch Break

Session 3 - Recent Developments in US Tax Law – FATCA

Recent changes in US tax law will have a huge impact on the compliance requirements of QIs.

What are the recent changes and how to prepare your organization to meet these compliance

Challenges

Q&A

Session 4

Wrap Up Session

End of course

Companies who have benefited from previous Osney Media tax courses: ABN AMRO Bank the Netherlands, ABN AMRO Bank UK, Alpha Bank, Amagerbanken A/S, Banco Bradesco Luxembourg S.A., Bank Leumi, Bank of England, Banque Degroof Luxembourg S.A., Banque LBLux S.A., Barclays, Barclays Capital, Barclays Wealth, BNP Paribas Luxembourg, BNP Paribas Securities Services, BNP Paribas UK, Brewin Dolphin, Carnegie Investment Bank AB, Corporation of Lloyds, Credit Suisse Private Banking Luxembourg, Daiwa Securities Trust & Banking, Danske Bank, Danske Bank International S.A., Deloitte Luxembourg, Deutsche Bank London, Dexia Banque Internationale Luxembourg, Dresdner Kleinwort, DZ BANK International S.A., EFG Eurobank Ergasias Bank S.A., Finansbanken A/S, Forstædernes Bank, Geniki Bank, Goldman Sachs International, Goodbody Stockbrokers, HSBC UK, HSBC Securities Services Luxembourg, HSH Nordbank Securities S.A., HVB, ING Bank the Netherlands, Investec Ireland, Irwin Mitchell Solicitors, JP Morgan Chase, KAS Bank N.V., Kaupthing Bank, Killik & Co., Marfin Egnatia Bank, Marfin Laiki Bank, Mellon Europe,

Merrill Lynch, Millennium Bank, Mizuho International, Morgan Stanley, Nordea Bank Denmark A/S, Nordea Bank Finland, Nordnet Bank AB, Nykredit Bank A/S, OMX Securities, Paloma Securities London Limited, Piraeus Bank S.A. Greece, Rathbones, RBC Dexia Investor Services Luxembourg, Rensburg Sheppards, Ruffer Investment Management Limited, Sal. Oppenheim jr. & Cie. Luxembourg S.A., SEB, Société Générale, Swedbank Luxembourg S.A., Swedbank AB, TD Waterhouse Investor Services Europe …