FATCA: Are US Brokerages, Mutual Funds Bracing For Retaliation?

The US government is becoming more restrictive about how money is managed outside its reach, and it is causing highly regulated independent retail brokerage firms to recoil. According to a recent Wall Street Journal article, Fidelity Investment customers are among a group of asset managers who can no longer buy or trade mutual funds in their brokerage accounts, as a little known rule could start to be enforced. Global financial regulations, some designed to stop the wonton illegal money transfers to terrorists, drug cartels and rogue nations that was apparent in recent fraud related cases in the HSBC Holdings plc…