Further to our briefing note
"The Common Reporting Standard: draft Jersey legislation
released" dated November 2015, the Chief Minister's
Department has published draft guidance notes dated February 2016
("Guidance Notes") which provide guidance on the
implementation of the Common Reporting Standard
("CRS") in Jersey. The Guidance Notes are not
intended to replace the OECD commentaries on the CRS and
consequently they are not intended to provide a comprehensive set
of notes covering every scenario.
Although the Guidance Notes go some way to identify the key areas
of difference between the CRS and FATCA so far as CRS applies in
Jersey they do not identify all such areas. Given that there
are differences between CRS and FATCA (some of which are not
touched on in the Guidance Notes), Jersey Financial Institutions
should review their current systems and procedures and take
appropriate advice to ensure that they are adequate for the
purposes of the CRS as well as their continuing obligations under
Further, where Financial Institutions use third party service
providers, they should have agreements in place to document the
relationship. Existing agreements which have been put in
place for FATCA may no longer be suitable and should therefore be
reviewed, particularly noting that the concept of a sponsoring
entity is not available under the CRS.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
This article will explore existing real estate property management solutions, focusing on the top private equity real estate platforms in the marketplace, including subject matter expert's viewpoints on the existing software infrastructure.
Over 150 attendees from both New York and the Cayman Islands recently gathered at the 4th annual Cayman Finance New York Breakfast Briefing held at the Harvard Club of New York City at which Cayman Finance CEO Mr Jude Scott described Cayman as "the premier global financial hub".
A professional director for a hedge fund might take an instinctive view that board observer rights are not desirable given the traditional view of separation of capital ownership and those responsible for fund governance.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).