OECD Common Reporting Standard
50 countries sign Agreement
A Multilateral Competent Authority Agreement was signed on 29 October 2014 in Berlin at the Global Forum on Transparency and Exchange of Information. This will implement the OECD Automatic Exchange of Information standard in a total of 50 jurisdictions, including Ireland.
The signatory jurisdictions have committed to adopt the Common Reporting Standard (CRS) from 1 January 2016 and other countries will follow later. Under the new standard, governments are required to collect detailed information from financial institutions to be shared with other jurisdictions annually. All EU members, except Austria, will introduce the CRS from 1 January 2016 and it is expected that the EU Savings Directive will be gradually phased out.
The first automatic exchanges of information will take place in September 2017 and will result in a significant increase in compliance requirements for Irish financial institutions.