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Introduction to FATCA (Foreign Account Tax Compliance Act)

 

1. What is the Foreign Account Tax Compliance Act (FATCA) of the US?

FATCA is a US-made tax law that went into effect in 2014.
FATCA is designed to prevent US taxpayers from using offshore financial accounts to avoid complying with US tax obligations. Solomon is legally responsible for identifying its clients and reporting their information to the IRS.

 

2. Which institutions are affected?

Financial institutions, including Solomon.

 

3. Why is FATCA relevant to me?

According to the act, you are required to declare and confirm your tax identity and your financial information to us as required by FATCA.

 

4. Which clients in SOLOMON JFZ are affected?

All clients. Clients are required to complete either a W-8 form to confirm their non-US tax identity or a W-9 form to confirm their US tax identity. Only US account holders' information will be reported.

 

5. When will the relevant information be reported?

Under the current arrangement, Solomon is required to report its clients' information for the previous year to the IRS by March of each year.

 

6. What are the clients' responsibilities?

All customers fill out the appropriate form at the time of opening an account to confirm their US tax identity and then reconfirm their US tax identity every 3 years. If there is any change during these 3 years, the customer should update the US tax status with Solomon as soon as possible. In addition, according to the relevant filing instructions issued by the IRS, a non-US person is subject to withholding tax in respect of certain receipts originating in the United States, and a non-US person may claim tax relief for the certain non-US person only through W-8.

 

7. Where can I find information about FATCA?

See the IRS website for details, https://www.irs.gov/businesses/corporations/information-for-foreign-financial-institutions (English version only) 

 

协议及声明

Introduction to FATCA (Foreign Account Tax Compliance Act)

 

Except for public holidays and the market closure due to bad weather, the Hong Kong stock market generally trades from Monday to Friday. The trading hours are as follows:
 

1. Pre-open Period

Time period

Trading Rules

Enter order 9:00-9:15

Submit, modify, and cancel auction market orders and auction limit orders

Non-cancellable 9:15-9:20

Only at-auction market orders and at-auction limit orders can be submitted, and orders cannot be withdrawn or modified

Random match period 9:20-9:22 (match will start randomly at 9:20-9:22 at the final reference equilibrium price)

Conduct matchmaking during auction period

Pause period, from random match period ends to 9:30

At-auction order: Incomplete order will be cancelled by the system; At-auction limit order: If the input price range of an incomplete order does not deviate from the nominal price by nine times or more, it will be converted to a limit order and automatically transferred to the continuous trading session

 

2. Continuous Trading Hours

Time period

Beijing Time

Morning market

9:30-12:00

Closed at noon

12:00-13:00

Afternoon market

13:00-16:00

Note: Order modification is not allowed during the closed at noon, and cancellation is allowed during 12:30 - 13:00.

 

3. Closing Auction Trading Session

Time period

Trading Rules

Closing auction period 16:00-16:01      

Calculate and publish reference price; orders cannot be submitted

Enter order 16:01-16:06

You can submit, modify, and cancel at-auction market orders and auction limit orders. The price limit of auction limit orders shall not exceed ±5% of the reference price

Non-cancellable 16:06-16:08

At-auction market orders and at-auction limit orders can be submitted, and cannot be cancelled or changed; the input price of at-auction limit orders must be between the lowest selling price and the highest bidding price

Random closing 16:08-16:10

At random closing time, at-auction market orders and at-auction limit orders can still be submitted, and cannot be cancelled or changed; the input price of auction limit orders must be between the lowest selling price and the highest bidding price