It appeared based on President Obama’s and Tim Geithner’s comments today that they are taking a serious focus on tax havens like offshore accounts and other vehicles that could potentially be used to avoid taxes. This is certainly not surprising and most people have been expecting these moves for some time. It is all part of the new level of vigilence that the funds will have to provide increased data to the IRS when they request it on potential investor account information. Similar to other requirements that will come down with the coming hedge fund regulation this will require better and more efficient systems and processes to provide data to the regulatory agencies. We will provide more information on this topic as the specific requirements become clearer.