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Publication of the ratification Act of an intergovernmental agreement concerning FATCA regulation

On 18th May 2015 the text of the ratification Act of an intergovernmental agreement on the implementation of FATCA regulation was published in the Journal of Laws.

The aim of the intergovernmental agreement is to limit inconveniences for polish financial institutions, relating to the adaptation of their business activities to fulfill the obligations imposed by the FATCA regulation. Most importantly, an intergovernmental agreement shall provide a legal basis for polish financial institutions to exercise their reporting obligations, without prejudice to the generally applicable laws in the internal legal order.

According to the art. 2 of the ratification Act, its provisions shall come into force within 14 days from the date of publication, ie. with effect from 2nd June 2015.

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