By: Market Watch 

Thomson Reuters announced today enhancements to its Foreign Account Tax Compliance Act (FATCA) Grandfathered Obligations (GO) solution to include material modifications flags. The new material modifications feature will help financial institutions, including custodian banks, better determine the FATCA eligibility of financial instruments when and if an underlying debt modification occurs and changes an instrument’s GO status. The full solution will now also monitor material modifications that may remove or add an exemption for FATCA withholding.

The material modifications flag is generated daily and provides customers with a comprehensive overview of all the underlying material changes for millions of instruments in accordance with the FATCA and Thomson Reuters related methodology.

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