The Global Standard consists of two components: (i) the Common Reporting Standard (CRS), which contains the reporting and due diligence rules to be imposed on financial institutions, and (ii) the Model Competent Authority Agreement (CAA), pursuant to which governments would agree to exchange the information reported.

The Global Standard was endorsed on 29 October 2014 in Berlin at the Global Forum on Transparency and Exchange of Information, when 51 countries signed a Multilateral Competent Authority Agreement agreeing to automatically exchange information based on Article 6 of the OECD’s Convention on Mutual Administrative Assistance in Tax Matters, and taking the next step towards greater transparency.

The signatory jurisdictions have committed to adopt the CRS from 1 January 2016 and other countries will follow later. Under the new standard, governments are required to collect detailed information from financial institutions to be shared with other jurisdictions annually. Following the introduction of the CRS in January 2016, it is expected that the EU Savings Directive will be gradually phased out. “Early adopters” who signed the Agreement, including the Isle of Man and the other Crown Dependencies, have agreed to work towards launching their first information exchanges by September 2017. Others are expected to follow in 2018.

View As PDF

Share
Twitter LinkedIn Email Save as PDF
More Publications
15 Nov 2022

Insurance and reinsurance in the Isle of Man: Overview

A Q&A guide to insurance and reinsurance in the Isle of Man. Reproduced from Practical Law with the ...

3 Nov 2022

Significant Judgment for Isle of Man Fund Managers

A rethink of exclusion clauses in fund agreements may be needed after the Isle of Man’s appeal cou...

Contributors: Garry Manley
25 Oct 2022

An update to Isle of Man Trust Law

In the week that the Trust and Trustees Bill 2022 goes for its second reading (25 October 2022), it ...

27 Sep 2022

Similar but Different

While the basic features of the trust remain, there are some notable differences in how trusts can b...

25 Jul 2022

Balancing Regulatory and Data Protection Compliance

This article considers data protection compliance in the context of financial services regulatory co...

Contributors: Claire Milne WS
30 Jun 2022

Getting into the Weeds: Isle of Man Regulation of Global Cannabis Investments

The global cannabis industry has grown rapidly in recent years as a number of jurisdictions have lib...

Contributors: Sophie Corkish
24 Feb 2022

Welcoming Fintech Innovation in the Isle of Man

The Isle of Man Financial Services Authority (IOMFSA) has published online support for fintech innov...

25 Nov 2021

Regulatory Approach to ESG across the Crown Dependencies

New requirements may require investment products to display a label reflecting their sustainability ...

25 Nov 2021

The International Comparative Legal Guide to Gambling 2022 – Isle of Man Chapter

This chapter was first published in The International Comparative Legal Guide to: Gambling 2022, by ...

Contributors: Sophie Corkish
30 Jul 2021

Fighting international fraud

First published in New Law Journal, July 2021. Appleby partners Anthony William and Jared Dann an...

Contributors: Jared Dann, Claire Corkish