I though some might be interested in watching the videos below of a recent FATCA information summit held at New York University in June. The host of the summit is David Rossenbloom who is a law partner of Mark Mathews who was recently in Ottawa. Beforewarned the videos are long and I have not at all watched close to all four hours but for your viewing pleasure below:
In the second video it appears much of pressure coming in Europe to comply with FATCA is coming in fact from local bank supervisors such as the Dutch Central Bank basically arguing their legal powers to maintain the “safety and soundness” of the financial system trump privacy law. This unfortionately is what I suspected all along. Bank supervisors are unfortunately arrogant a**holes that are fairly immune to political and public pressure. I will say this and it will probably annoy some here but I have to say if Stephen Harper had the b*lls to fire Linda Keen, the career public servant in Canada in charge of nuclear reactor safety. If you have the b*lls to fire the person in charge of nuclear safety because you don’t like her views then you probably have the b*lls to fire the head of bank safety and soundness. I will also note Itai Greenberg comments in the first video that to have an international agreement to simply impose the FATCA regs isn’t much of an negotiation.