The “ISDA 2012 FATCA Protocol” offers market participants an efficient way to amend the ISDA Master Agreement tax provisions to address the potential effects on derivatives transactions of the Foreign Account Tax Compliance Act provisions of the Hiring Incentives to Restore Employment Act of March 2010 (“FATCA”). The purpose behind FATCA is to assist US Internal Revenue Service “combat tax evasion by US persons holding investments in offshore accounts.” ISDA has also published a FAQ on this Protocol.