OECD Common Reporting Standard Getting into the Detail STEP / GAT
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1 OECD Common Reporting Standard Getting into the Detail STEP / GAT Jo Huxtable Martin Popplewell 11 February 2016
2 Agenda Introduction CRS and the wider regulatory environment CRS latest developments and issues in practice FATCA / CRS operational considerations Questions and Next steps Deloitte LLP. All rights reserved.
3 Introduction Common Reporting Standard and the Wider Regulatory Environment
4 The Regulatory Landscape Over 90 jurisdictions have committed to CRS A M E R I C A S Anguilla* Antigua and Barbuda Argentina* Aruba Bahamas Barbados Belize Bermuda* Brazil British Virgin Islands* Canada Cayman Islands* Chile Colombia* Costa Rica Curaçao* Dominica Grenada Mexico* Montserrat* Saint Kitts and Nevis Saint Lucia Saint Vincent and the Grenadines Saint Martin Trinidad and Tobago Turks and Caicos Islands* Uruguay E U R O P E, M I D D L E E A S T AND A F R I C A Albania Liechtenstein* Andorra Lithuania* Austria Luxembourg* Belgium* Malta* Bulgaria Mauritius* Croatia* Monaco Cyprus* Netherlands* Czech Republic* Norway* Denmark* Poland* Estonia* Portugal* Faroe Islands* Qatar Finland* Romania* France* Russia Germany* San Marino* Ghana Saudi Arabia Gibraltar* Seychelles Greece* Slovak Republic* Greenland Slovenia* Guernsey* South Africa* Hungary* Spain * Iceland* Sweden* Ireland* Switzerland Isle of Man* Turkey Israel United Kingdom* Italy* United Arab Emirates Jersey* Latvia* A S I A P A C I F I C 4 *Signatories of multilateral CAA signed in Berlin; source: Australia Brunei Darussalam China Hong Kong India Indonesia Japan South Korea* Macau Malaysia Marshall Islands New Zealand Niue Samoa Singapore 2015 Deloitte LLP. All rights reserved.
5 The Regulatory Timeline CRS is being implemented on a very short timeframe and is replacing UK FATCA US FATCA Go live: 01/07/14 UK FATCA Taken over by CRS on 01/01/16 Go live: 01/01/16 CRS June Annual Reporting Deloitte LLP. All rights reserved.
6 The wider regulatory and risk environment Tax Risk and enforcement Information exchange Regulation Deloitte LLP. All rights reserved.
7 CRS Latest Developments and Issues in Practice
8 FATCA vs CRS Source Materials US FATCA CRS Agreement type Bilateral Multilateral (mainly) Length of agreement Supplementary guidance? Review of local guidance etc by other party? Local Guernsey guidance notes IGA 47 pages US Regulations and IRS FAQs but not directly binding on a IGA model 1 No formal arrangement Yes 194 pages CRS, commentary and appendices to the purple book 307 pages OECD implementation handbook 118 pages Yes OECD peer review Yes 24 pages (for now) 8
9 CRS in the Crown Dependencies For FATCA we saw largely common guidance notes produced across the Crown Dependencies. For CRS, the islands are producing separate guidance. Both Jersey and Guernsey released their CRS guidance notes in December 2015 (IOM CRS guidance expected shortly). There is a difference at a policy level between the guidance. Jersey are adopting an approach such that the existing FATCA guidance can continue to be applied for CRS (provided it does not frustrate the purpose of the agreement). The Guernsey approach is to broadly follow the extensive OECD materials rather than the existing local FATCA guidance Deloitte LLP. All rights reserved.
10 Example of US/UK FATCA vs CRS Trust Structure Key features of CRS analysis :- Trust Company Manages Beneficiary Settlor XYZ Trust Asset Hold Co Financial asset test not optional? No look through No formal sponsored entity regime TDT equivalent under CRS Requirement to look through all entity account holders of the trusts? 10 Investment - Property 2015 Deloitte LLP. All rights reserved.
11 CRS Immediate Requirements Customer onboarding Deloitte LLP. All rights reserved.
12 Illustration of CRS differences in practice Corporate Settlor Corporate beneficiary D Corporate beneficiary E Beneficiary A, B and C Trust Company Manages XYZ Trust Asset Hold Co 13 Investment - Shares
13 Illustration of FATCA vs CRS differences in practice Account holder Issue to highlight Self-cert received FATCA analysis CRS analysis Corporate Settlor Look through of corporate account holders of trusts under CRS? Yes Active NFFE (say UK resident) Reportable UK FATCA Look through of entity account holders of a trust identify controlling persons (?) Beneficiary A (new individual account) Beneficiary B (preexisting individual account) Beneficiary C (new individual account) Beneficiary D (entity) Timing of CRS implementation Residential address test CRS undocumented accounts Specified person definition Yes say New Zealand resident Not reportable Reportable but not until 2018 No Indicia reviews Optional residential address test No Yes UK FI Beneficiary E (entity) PMIE in NPJ Yes (?) US FI Reportable for both US and UK FATCA Reportable (unless a depository FI) Reportable US FATCA Undocumented account Not reportable (although look through required as entity account holder of trust?) Look through of PMIE in NPJ
14 FATCA / CRS Operational Considerations
15 Transition of FATCA to Business as Usual Implementing a standardised approach to assessing the governance of FATCA/CRS programmes Benchmarking Document the current compliance approach at a high level and align with peers Controls validation Identify existing controls, integrate components and document intended function Controls testing and BAU Test the robustness of controls and ensure function is as expected Moving to BAU 15
16 FATCA Operating Model Centralised Project vs Business as Usual Relationship Managers Client queries IT FATCA Programme Manager Board of directors Compliance 16
17 FATCA Operating Model Centralised Project vs Business as Usual FATCA Programme Manager Divisional Champions Divisional staff FATCA Programme Board FATCA Policies and Procedures Divisional Champions Divisional staff Divisional Champions Divisional staff Training, governance and assurance 17
18 Example FATCA / CRS Process Example Reasonableness tests 18 Initial Reasonableness test (on receipt of self-certification) 1. Initial checklist on receipt of selfcertification for completeness. 2. Formal guidance / training for relationship managers to undertake reasonableness check. 3. Cross check to wider information held. 4. Remediation process in place where test is failed and follow up required. 5. Reasonable Forms passed to central FATCA team / Directors for approval. 6. Final forms processed on system. 7. Defined list of staff permitted to allocate a FATCA classification 8. Evidence on file of the above process (and policies documented). Ongoing change in circumstances requirement 1. Certain trigger events (e.g. change of address etc) defined in procedure documents and automatically require FATCA sign off by approved persons. 2. Training / guidance for staff on these trigger events. 3. FATCA / CRS part of annual file review. 4. Staff give separate independent sign off that met FATCA / CRS obligations link to performance management. 5. Implement remediation policy including details on curing documentation (e.g. loss of nationality certificates) 6. Where classification has changed, defined list of staff with permission to allocate a FATCA classification. Link to reporting workflows. 7. Evidence on file of the above (and policies documented).
19 Example FATCA Process Documentation 19
20 The path Ahead There are a number of key activities for all FIs in the next 6 months Conclude on FATCA reporting strategy for Conclude pre-existing FATCA reviews (if not already done). Undertake CRS GAP analysis (if not already done). Ensure FATCA programme is clearly documented with procedures and controls in place Deloitte LLP. All rights reserved.
21 Contact Jo Huxtable Partner Martin Popplewell Director Deloitte LLP. All rights reserved.
22 Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ( DTTL ), a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of DTTL and its member firms. Deloitte LLP is the United Kingdom member firm of DTTL. This publication has been written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of the contents of this publication. Deloitte LLP would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances. Deloitte LLP accepts no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication Deloitte LLP. All rights reserved. Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC and its registered office at 2 New Street Square, London EC4A 3BZ, United Kingdom. Tel: +44 (0) Fax: +44 (0)
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