The Cayman Department for International Tax Cooperation (DITC) issued an industry advisory extending the dates for Common Reporting Standard (CRS) notification and reporting. The deadline for notification has been extended from April 30, 2017 to June 30, 2017. The deadline for reporting has been extended from May 31, 2017 to July 31, 2017. Reporting Financial Institutions (FIs) must submit their CRS data and show the status “Accepted” within the Submission History page of the

The Cayman Islands, India, Mauritius and the majority of other jurisdictions participating in the Standard for Automatic Exchange of Financial Account Information in Tax Matters (The Common Reporting Standard (CRS)) are taking the “wider approach” to CRS compliance. What is the wider approach and how does it impact your CRS due diligence and reporting? Global Expansion Under FATCA, due diligence and reporting focused on one set of reportable persons: Specified U.S. Persons.

Recently released Cayman Islands Common Reporting Standard (CRS) Regulations added significant criminal enforcement sections which include the imposition of administrative and criminal fines on individual account holders providing self-certificates and individuals connected to an entity violating the Cayman CRS Regulations and Tax Information Authority (TIA) Law. The changes were made through the Cayman Islands issuing the Tax Information Authority (International Tax Complian

The Cayman Islands issued The Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016. These regulations amend the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015. Non-Reporting Financial Institutions (FIs) are now required to register with the Cayman Islands TIA by April 30, 2017 (or by April 30 of the year after the entity becomes an FI). Change in Approach

As we enter the final months of Y2016, it is a good time to review some aspects of the UK FATCA/CDOT and CRS transition. The transition from CDOT to CRS began as of January 1, 2016 with the first report due to local tax authorities on March 31, 2017 (Turks & Caicos). As a reminder, the following jurisdictions participate in CDOT: • Anguilla • Bermuda • British Virgin Islands • Cayman Islands • Gibraltar • Guernsey • Isle of Man • Jersey • Montserra