BBA has responded to the HM Revenue and Customs (HMRC) consultation on implementing the US-UK agreement on the US Foreign Account Tax Compliance Act (FATCA). BBA welcomes the UK Government's approach and its comments are largely technical. It comments specifically on the need to ensure consistency of practice, to give clarity on how the registration and certification processes will work and to clarify the interpretation of certain terms which are not defined under UK law. BBA also asks for at least 18 months' notice in advance of the reporting date for its members to understand the data format and transmission method requirements for reporting. (Source: BBA Responds on FATCA)