SIX, the Swiss central financial infrastructure service provider, used the FATCA live date to make several important points and, at the same time, do a bit of advertising:

• as a depository for US securities for the Swiss market: SIX must ensure that all Swiss financial institutions that deposit their US securities with SIX continue to pay US income without penalty tax deductions
• SIX has been registered with the US Federal Tax Authorities as a financial institute participating in FATCA since 14 April 2014. This, they claim, “left the way clear for the seamless implementation of FATCA in all associated institutions and by their clients.”
• SIX offers, in its function as central data supplier, services to facilitate the implementation of FATCA by the financial institutions, e.g. the securities trading service at SIX now automatically includes the FATCA taxation data on US securities. 

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CTMfile take: For corporate treasury departments the use of FATCA compliant services will become essential in minimising the administration overhead of FATCA.