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Department has published draft guidance notes dated February 2016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.
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Over the last 40 years, the Cayman Islands has matured into one of the world's most sophisticated and successful international financial centres, providing a competitive, effective, transparent, cost-efficient and tax-neutral platform for international capital flows underpinned by an environment of legal, political and economic stability.
In the context of the Private Member's Motion, Cayman Finance strongly urges the movers of the motion and the other members of the House to remain focused on the need to protect the Cayman Islands Financial Services Industry, which is directly responsible for more than half of the Islands' economy, more than half of the government's revenue and employs more Caymanians than any other industry.
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