OECD to prepare an update of the FAQ related to CRS?
The OECD is said to be preparing an update of the FAQ related to CRS. Furthermore an update of the CRS Implementation Handbook is to be discussed. It is said that an updated version of the Handbook shall be approved.
As mentioned recently, it seems that the OECD are preparing an update of the FAQ related to the Common Reporting Standard (CRS).
According to well-informed sources the “Working Party No. 10“ which takes place in Paris on 24 - 26 October 2017 may also discuss an update of the CRS Implementation Handbook.
It is said that an updated version of the Handbook shall be approved.
Article 22, Para. 4 of the Swiss AEoI Act provides that when FTA adopt instructions, including the Swiss AEoI Guidelines, they must be aligned with the Commentaries of the model agreement and CRS. The Commentaries on the model agreement and the CRS are considered to be formal legal bases to be taken into account in the implementation of the AEoI Standard, which served as the basis for the Swiss AEoI Guidelines. In addition, the OECD has published a Handbook for the implementation of the CRS. The Handbook words the provisions of the CRS in a simplified language and is used by the competent authorities as a practical guide for the implementation of CRS. The Handbook is a (reference) basis for the Swiss AEoI Guidelines. During a revision of the CRS Comments by the OECD, it will be necessary to examine whether and to what extent the Swiss legal principles as well as the Swiss AEoI Guidelines will have to be revised. In accordance with Article 8 AEoI Act, any changes in the Commentaries by the Reporting Swiss FIs may only be implemented if incorporated in a federal law, regulation, ordinance or FTA directive. The same applies to the Handbook. The Swiss FIs shall apply the applicable Swiss legal principles and the applicable FTA Guidelines. – In other words: the implementation of possible changes to the Handbook requires corresponding amendments of Swiss law. According to well-informed sources the Swiss AEoI guidelines will be amended in 2018, i.e. changes will enter into force in 2019 at the earliest.
Note: Example of a required amendment in the Swiss AEoI guidelines: The wording in “Example 169“ (6.5.2 Review procedure to determine whether the entity is a reportable person) is either misleading (and thus has to be amended) or is simply wrong (and thus has to be deleted).