On 16 January 2014 the Irish tax authorities issued a revised draft of the Financial Accounts Reporting Regulations 2013 regarding the FATCA reporting obligations of Reporting Irish Financial Institutions (including funds). At the same time revised draft accompanying guidelines issued. On 23 January 2014, at a meeting with interested parties, the Irish tax authorities confirmed they are working towards having the Regulations enacted by May with an effective date of 1 July 2014 (i.e. in line with the date from which FATCA withholding applies under US Treasury Regulations). The Irish tax authorities are currently engaging in a consultation process with industry sectors which is likely to continue until late February.