Global Information Exchange for Investment Funds: Common Reporting Standard Enters Into Effect
On January 1, 2016, the Common Reporting Standard (CRS) issued by the Organisation for Economic Cooperation and Development (OECD) entered into effect in certain key investment fund jurisdictions, marking a significant step toward a global system of automatic exchange of information among participating jurisdictions. In general, the CRS requires that participating jurisdictions annually exchange certain information obtained from financial institutions and investment funds that have cross-border customer or investor relationships or participate in cross-border financial transactions or investments.