The Cayman Islands have issued CRS Guidance Notes 

All funds in the Cayman Islands are likely to be required to take two important actions prior to July 2017 in relation to CRS.

They must renew the appointment of the Principal Point of Contact on the new format letter that has been issued by the TIA and each fund even where they have delegated the CRS obligations to their administrator must adopt CRS Polices and Procedures.

1. CRS Policies and Procedures

The  CRS Guidance Notes requires that:

“Each Cayman Reporting Financial Institution shall -

(a) establish and maintain written policies and procedures to comply with Part 2 of the CRS Regulations; and

(b) implement and comply with the policies and procedures.”

The Guidance notes can be found HERE. We have prepared a draft CRS manual please contact us if you would like a copy info@mgcayman.com

2. Principal Point of Contact must be renewed 

The CRS Guidance Notes require that the Fund directors appoints a Principal Point of Contact (PPoC).

The updated format letter adopted by the TIA can be found HERE.

Dates for the CRS Reporting implementation

 

The following are the effective dates for the implementation of the CRS in the Cayman

Islands:

 

31 December 2015;

Pre-existing shareholders to be subjected to due diligence procedures are those in

existence as at 31 December 2015

 

1 JANUARY 2016

New Accounts requiring self-certification by the shareholders are those opened on or

after 1 January 2016

 

31 December 2016

         The first CRS reporting period ends.

The review of Pre-existing High Value Individual Accounts at 31 December 2015

must be completed.

 

31 July 2017

The Fund must complete their initial registration (was previously 30 June 2017)

The Fund must complete their reporting to the TIA

by 31 July 2017 for the 2016 reporting year.

 

31 May 2018 (onwards)

The Fund Institutions must complete their reporting by 31 May of each year after 2017.

 

 

30 September 2017

First exchanges of information by the TIA to partner jurisdictions will occur on or

before 30 September 2017

 

31 December 2017

The review of Pre-existing Lower Value Individual Accounts at 31 December

2015 must be completed by 31 December 2017

The review of Pre-existing Entity Accounts at 31 December 2015 must be

completed by 31 December 2017

Reporting jurisdictions:

COMMON REPORTING STANDARD LIST OF PARTICIPATING JURISDICTIONS

(NOTE: Albania has been removed as a Participating Jurisdiction).

 

Andorra                                Ghana                        Niue

Anguilla                                Gibraltar                   Norway

Antigua and Barbuda        Greece                        Panama

Argentina                              Greenland               Poland

Aruba                                     Grenada                  Portugal

Australia                               Guernsey                 Qatar

Austria                                   Hong Kong              Romania

Bahamas                               Hungary                    Russia

Bahrain                                 Iceland                       Saint Kitts and Nevis

Barbados                               India                         Saint Lucia

Belgium                                 Indonesia                 Saint Vincent and the Grenadines

Belize                                     Ireland                      Samoa

Bermuda                               Isle of Man                San Marino

Brazil                                     Israel                         Saudi Arabia

British Virgin Islands         Italy                            Seychelles

Brunei                                   Darussalam

Japan                           Singapore

Bulgaria                                 Jersey                         Sint Maarten

Canada                                    Korea                        Slovak Republic

Cayman Islands                     Kuwait                      Slovenia

Chile                                        Latvia                        South Africa

China                                     Lebanon                    Spain

Colombia                               Liechtenstein             Sweden

Cook Islands                        Lithuania                  Switzerland

Costa Rica                              Luxembourg             Trinidad and Tobago

Croatia                                   Macau (China)               Turkey

Curaçao                                 Malaysia                          Turks and Caicos Islands

Cyprus                                 Malta                              United Arab Emirates

Czech   Republic                   Marshall Islands       United Kingdom

Denmark                            Mauritius                      Uruguay

Dominica                               Mexico                     Vanuatu

Estonia                               Monaco

Faroe Islands                        Montserrat

Finland                                  Nauru

France                                  Netherlands

Germany                            New Zealand

(PROVISIONAL LIST

OF REPORTABLE JURISDICTIONS

FOR REPORTS DUE IN 2018 ONWARDS

IN ADDITION TO THE ABOVE)

Andorra                                 Grenada                    Saint Lucia

Antigua and Barbuda             Hong Kong (China) Saint Vincent and the

Grenadines

Aruba                                 Indonesia                     Samoa

Australia                            Israel                         Saudi Arabia

Austria                               Japan                        Singapore

Belize                              Kuwait               Sint Maarten

Brazil                            Lebanon                 Switzerland

Brunei  Darussalam    Macau (China)    Trinidad and Tobago

Canada                    Malaysia             Turkey

Chile                       Mauritius            Uruguay

China                     Monaco              Vanuatu

Cook Islands             New Zealand

Costa Rica              Panama

Dominica                  Russia

Ghana                 Saint Kitts and Nevis