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Treasury issues proposed regulations on FACTA: joint statement issued with 5 European nations outlining an alternative approach

• Fox Rothschild LLP
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• France, Germany, Italy, Spain, United Kingdom, USA
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• February 15 2012

Congress, in 2010, enacted a new set of rules on the required reporting and withholding with respect to foreign financial accounts and nonfinancial foreign entities in Pub. L. No. 111-147, 501 (2010)(the “HIRE ACT”