Common Reporting Standard Enters Into Effect for Investment Funds

edward222 · Dec 16, 2015

Credit to: Tax News : Common Reporting Standard Enters Into Effect for Investment Funds

Many jurisdictions have agreed to implement the Organisation for Economic Co-operation and Development’s multilateral system of automatic exchange of information called the “Common Reporting Standard” (CRS). In furtherance of its objectives, the CRS imposes a variety of diligence and reporting requirements on “financial institutions,” which includes many master funds, offshore feeders and other investment vehicles commonly utilized by investment funds. These financial institutions will be required to annually report certain investor information to their local governments, who will then transmit the relevant information to the governments of other participating jurisdictions on an automatic basis.

Although the CRS will be phased in over the next few years, certain jurisdictions are part of an “Early Adopters Group” (including the Cayman Islands, Bermuda and the British Virgin Islands), which has agreed to apply the CRS diligence procedures to all new investors as of January 1, 2016.
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D1G1TALFOX · Mar 25, 2016

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Common Reporting Standard Enters Into Effect for Investment Funds

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