The Investment Management Association has welcomed the UK-US agreement on FATCA and tax evasion but said it will be lobbying for final amendments.
FATCA (Foreign Account Tax Compliance Act) aims to combat tax evasion by US tax residents who are using foreign accounts.
The new Government agreement will boost HMRC's ability to obtain information in the US to help tackle tax evasion.
Julie Patterson, IMA director of authorised funds and tax, said: "The consultation demonstrates the UK Government's continued commitment to ensuring the US FATCA requirements are translated into practical rules for UK firms and fund investors.

"The IMA's Asset Management survey illustrates the grave concerns that uncoordinated, extra-territorial regulations such as hindering global markets and limiting investors' choice and returns."
The IMA's Asset Management survey about the regulatory environment, which questioned 30 senior figures from 20 IMA member firms, previously highlighted concerns about the regulation. Respondents gave negative feedback about FATCA and the fragmentation of global regulation.
They felt the variety of rules in different jurisdictions created additional costs and complexity and was a source of frustration for firms.
Ms Patterson said: "The IMA has lobbied for final amendments to the US requirements, in addition to undertaking considerable work with the UK government towards limiting the impact of FATCA implementation in the UK."