I am posting this information highlighted in comments by Edelweiss and Innocente.
@Edelweiss: Excellent news. Each delay is another nail in the FATCA coffin. Bloomberg, AP and other news wires need to pick up this story.
The actual request letter: Request for Additional Extension of The FATCA Phased Timeline
Reuters says that four bank lobbying groups (the American Bankers Association, the Clearing House Association, the Institute of International Bankers, and the Securities Industry and Financial Markets Association) have asked for a six month delay to the implementation of FATCA. The letter is located here. The primary driver appears to be the fact that the final regulations and forms aren’t available. They are assuming these are available by 31 Dec 2013 which would give the industry just 6 months to finalise implementation when they had stated that 18-24 months were needed. A six month delay would give them 12 months instead of the 18-24.
Here are some key lines from the letter:
“Nevertheless, all Final Guidance has not yet been issued, and there has been limited progress in the signing of IGAs.”
“Under the current timeline, there is less than 8 full months between now and July 1, 2014, the first scheduled FATCA implementation date. The Associations respectfully submit that this is insufficient time to achieve the effective, full implementation of FATCA.”
“For the reasons described herein, the Associations believe that it would be appropriate to extend further certain milestone dates in order to help ensure a smooth transition to the FATCA regime and minimize the prospects of over withholding as well as the potential for significant disruption to financial markets.”