Olivier De Moor Authors Article on New Common Reporting Standard for Investment Funds
Olivier De Moor, counsel in the tax practice at Akin Gump, has written the article “Global Information Exchange for Investment Funds: Common Reporting Standard Enters Into Effect” for EMPEA Legal & Regulatory Bulletin, a publication of the Emerging Markets Private Equity Association (EMPEA).
The article discusses the implications for EMPEA members of the Organisation for Economic Co-operation and Development’s new Common Reporting Standard (CRS), which went into effect in certain key investment fund jurisdictions in 2016. De Moor writes that it marks “a significant step toward a global system of automatic exchange of information among participating jurisdictions.”
According to the article, the CRS imposes a variety of diligence and reporting requirements on ‘financial institutions,’ broadly defined to include many investment vehicles commonly utilized by investment funds. The CRS, De Moor says, “follows the introduction of other regimes for the automatic exchange of information in recent years,” including the Foreign Account Tax Compliance Act, or FATCA, in the United States. De Moor proceeds to discuss steps that U.S. investment funds may be required to undertake under the CRS, even though the United States currently does not participate, and offers some practical steps that investment funds in participating jurisdictions should undertake for compliance purposes.
Please click here to read the article.