STANDARD FOR AUTOMATIC EXCHANGE OF FINANCIAL ACCOUNT INFORMATION. Philip Kerfs, OECD

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1 STANDARD FOR AUTOMATIC EXCHANGE OF FINANCIAL ACCOUNT INFORMATION Philip Kerfs, OECD

2 Overview Background, context and timeline The Standard: basic approach and key features Next steps: implementing the standard & OECD support Global Forum commitment and review process 2

3 The OECD-Standard on Automatic Exchange of Information G20 Summit, St Petersburg Sept 13 Support to OECD/G20 work on: Presenting Standard by February 2014; and Finalizing technical modalities by mid Next slide Asked the GFTEI to establish mechanism to monitor and review implementation of Standard. Called on the OECD, the GFTEI and others to ensure developing countries can benefit from new Standard (technical assistance). 3

4 The OECD-Standard on Automatic Exchange of Information February 2014: G20 endorsement of the Common Reporting Standard for automatic exchange of tax information September 2014: G20 endorsement of the full Standard and commitment to begin exchanging information by 2017 or end 2018 November 2014: Presentation to G20 leaders 4

5 35 years of automatic exchange in 3 slides The first 20 years Design of the Paper Standard Format Standard Magnetic Format (SMF) adopted Approval of EU Savings Directive which builds upon SMF US enacts FATCA Standard Transmission Format (STF) adopted EU Savings Directive updates to STF 5

6 35 years of automatic exchange in 3 slides The transition Jun 12 Jul 12 Nov 12 Apr 13 FATCA Model 1 IGA includes commitment to develop a common model In Los Cabos, G20 welcomes OECD report on AEOI G20 Support AEOI G5 pilot (early adopters) 6

7 35 years of automatic exchange in 3 slides Design and implementation of the CRS Jun 13 Sep 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 May 14 Jun 14 Jul 14 Sep 14 Oct 14 Oct 14 Nov G20 endorse AEOI as new global standard and ask OECD to develop CRS OECD report to G8 on common model for AEOI GFTEI creates AEOI group European Council commits to adopt DAC2 in 2014 OECD approves first part of standard G20 endorse CRS Early adopters statement (44 countries) OECD Ministerial Declaration (OECD Members + 14 other countries, including Singapore) OECD approves full version of standard OECD Council Recommend. on AEOI Full version of standard endorsed by G20 Ministers Ongoing business consultation Ecofin political agreement on revised DAC2 which incorporates CRS GF Berlin commitments to AEOI MCAA signed by 51 jurisdictions Full version of Standard presented to G20 Leaders together with overview of committed countries First exchange under CRS 7

8 Automatic exchange standard Basic approach: Leveraging on FATCA Account Holder Bank Country A Country B 1. Model 1 IGA reporting 2. Model 1 IGA exchanges 3. Leveraging on Model 1 IGA implementation to develop standardised automatic exchange in a multilateral context US Bank Account Holder Account Holder Bank 8

9 Automatic Exchange Standard Key components 1. Common Reporting Standard (CRS) Defines reporting and due diligence rules for financial institutions To be translated into domestic law by participating jurisdictions Based on FATCA, to leverage investments made by financial institutions and governments, with some amendments to remove US specificities and take into account multilateral context 2. Model Competent Authority Agreement (Model CAA) To activate the exchange of information collected under the CRS To be used in combination with any underlying legal instrument permitting AEOI (e.g. Article 26 of the OECD Model Tax Convention or Article 6 of MAAC) 9

10 Automatic Exchange Standard Key components 3. Commentaries on CRS and Model CAA To ensure consistent implementation and ensure equal level playing field 4. Data transmission format (CRS XML Schema) & data transmission and encryption standards CRS XML schema for exchange under CRS was built in parallel with FATCA XML schema to maximise consistency 10

11 CRS: Building on FATCA, EU Savings Directive and FATF to have Single Standard and Reduce Cost Similar scope of information reported Personal data: name, address, tax residence, TIN Financial data: account balance, investment income, sales proceeds from financial assets Similar scope of financial institutions required to report Banks, custodians, insurance companies and investment entities (e.g. certain collective investment vehicles) Similar scope of account holders subject to reporting Individuals Entities (including trusts and foundations) Controlling persons (i.e., beneficial owners) of entities Similar Due diligence procedures Distinction pre existing /new, individual/entity, lower value/high value accounts 11

12 CRS Main differences from FATCA 12

13 Next Steps Country implementation Translating the reporting and due diligence rules into domestic law Selecting a legal basis for the exchange of information Entering into Competent Authority Agreements Protecting confidentiality and safeguarding data Making effective use of the information Putting in place the related administrative resources and required IT infrastructure Developing secure, effective and common transmission systems Measuring impact Voluntary disclosure initiatives 13

14 Multilateral Competent Authority Agreement Signatories as of 29 October

15 Multilateral Competent Authority Agreement Signatories as of 29 October 2014 Intended first information exchange by September 2017 Anguilla, Argentina, Belgium, Bermuda, British Virgin Islands, Cayman Islands, Colombia, Croatia, Curaçao, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mauritius, Mexico, Montserrat, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Turks & Caicos Islands, United Kingdom, Intended first information exchange by September 2018 Albania, Aruba, Austria 15

16 The MCAA, a brief overview A framework agreement The Multilateral Competent Authority Agreement (MCAA) Provides for the automatic exchange of tax information in accordance with the new Standard It is signed by Competent Authorities under Article 6 of the Multilateral Convention and allows for automatic exchange with any other signatory to the MCAA Entry into effect The MCAA does not become operational until domestic legislation is put in place and requirements on data protection and confidentiality are met. Actual exchange does not take place between any two signatories until they both provided a subsequent notification stating they wish to exchange with each other. 16

17 The MCAA Example of the content of Annex F INTENDED EXCHANGE DATES Accounts Intended to be defined as Intended dates to exchange information by New Accounts A Financial Account maintained by a Reporting Financial Institution opened on or after 1 January September 2017 Individual High-Value Accounts Individual Low-Value Accounts Entity Accounts Preexisting Accounts A Financial Account maintained by a Reporting Financial Institution as of 31 December September 2017 September 2017 or September 2018, depending on when identified as reportable September 2017 or September 2018, depending on when identified as reportable

18 Next steps for OECD Ongoing maintenance to resolve issues and ensure consistency (in consultation with FIs) Produce training material (CRS Implementation Handbook) and co host training events for implementing countries (together with Global Forum) CRS portal for both general and country specific information on implementing the Standard (including information on TINs and residence rules) Continued support to «operationalise» Multilateral CAA Voluntary disclosure Toolbox for making effective use of information Alignment of TRACE to CRS and assist in country implementation 18

19 Global Forum Commitment and Review Process First step: Global Forum members committed in advance of October 2014 GF plenary meeting Expectation o Exchange with all relevant partners on reciprocal basis, subject to issues re. confidentiality data safeguards and o First exchange in 2017 (FATCA + 18 months) or at the latest

20 Global Forum Committed jurisdictions as of 29 October 2014 Jurisdictions undertaking first exchanges by 2017 Anguilla, Argentina, Barbados, Belgium, Bermuda, British Virgin Islands, Cayman Islands, Chile, Colombia, Croatia, Curaçao, Cyprus, Czech Republic, Denmark, Dominica, Estonia, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, India, Ireland, Isle of Man, Italy, Jersey, Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mauritius, Mexico, Montserrat, Netherlands, Niue, Norway, Poland, Portugal, Romania, San Marino, Seychelles, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Trinidad and Tobago, Turks and Caicos Islands, United Kingdom, Uruguay Jurisdictions undertaking first exchanges by 2018 Andorra, Antigua and Barbuda, Aruba, Australia, Austria, The Bahamas, Belize, Brazil, Brunei Darussalam, Canada, China, Costa Rica, Grenada, Hong Kong (China), Indonesia, Israel, Japan, Marshall Islands, Macao (China), Malaysia, Monaco, New Zealand, Qatar, Russia, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Samoa, Saudi Arabia, Singapore, Sint Maarten, Switzerland, Turkey, United Arab Emirates Jurisdictions that have not indicated a timeline or that have not yet committed Bahrain, Cook Islands, Nauru, Panama, Vanuatu 20

21 Global Forum Next steps November 2014: report to G20 leaders on who has committed and who not October 2015: detailed terms of reference, methodology and schedule for AEOI peer reviews to be approved at GF plenary meeting 2016: start of AEOI peer reviews Technical assistance for developing countries 21

22 Standard for Automatic Exchange of Financial Account Information Questions and comments: 22

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