The standard includes the text of the Model Competent Authority Agreement (CAA) and the Common Reporting Standard (CRS) previously released in February 2014, including new commentaries and guidance for governments and financial institutions to implement. It also includes a detailed schema to use for the exchange of information, which includes a standard to ensure the secure transmission of information under the CRS along with data safeguards and confidentiality measures.
The OECD released its global standard for automatic exchange of financial account information on February 13, 2014. The OECD and G20 countries developed the global standard in close cooperation with the EU. All 34 member countries and 13 additional countries endorsed a declaration on the exchanges of information in May. The standard leverages heavily off of the IGA approach to implementing the U.S. FATCA reporting regime.
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