{"kind":"expression","expression":{"expr_id":"453","doc_id":"453","label":"2021 Revision","is_as_enacted":"f","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/sl\/2015\/61\/eng@2021-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/sl\/2015\/61\", \"expression\": \"\/akn\/ky\/act\/sl\/2015\/61\/eng@2021-01-01\", \"manifestation\": \"\/akn\/ky\/act\/sl\/2015\/61\/eng@2021-01-01.pdf\"}, \"pdf\": {\"md5\": \"eb1dae53dcb2da1ee6acca9b299a9745\", \"path\": \"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2015\/2015-0061\/2015-0061_2021 Revision.pdf\", \"pages\": 60, \"filename\": \"2015-0061_2021 Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 19279, \"paragraph_count\": 39, \"text_char_count\": 128234}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"Tax Information Authority Act (2021 Revision) TAX INFORMATION AUTHORITY (INTERNATIONAL TAX COMPLIANCE) (COMMON REPORTING STANDARD) REGULATIONS (2021 Revision) PUBLISHING DETAILS Revised under the authority of the Law Revision Act (2020 Revision). The Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015, made the 13th October, 2015 as amended by Law 56 of 2020. Consolidated with \u2014 The Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016, made 13th December, 2016 The Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2020, made 18th February, 2020 Notice: Common Reporting Standard List of Reportable Jurisdictions. Originally enacted \u2014 Law 56 of 2020-7th December, 2020. Consolidated and revised this 31st day of December, 2020. Note (not forming part of the Law): This revision replaces the 2018 Revision which should now be discarded. Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) Arrangement of Regulations Tax Information Authority Act (2021 Revision) TAX INFORMATION AUTHORITY (INTERNATIONAL TAX COMPLIANCE) (COMMON REPORTING STANDARD) REGULATIONS (2021 Revision) Arrangement of Regulations Regulation PART 1 \u2013 PRELIMINARY PROVISIONS 1. 2. 3. 4.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"5A. PART 2 \u2013 APPLICATION OF THE COMMON REPORTING STANDARD\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"6A. 7. 8. 9.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Arrangement of Regulations Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) 11. 12.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"PART 3 - OFFENCES General offences and defence 14. 15. 16. 17. 18. 19.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Criminal liability of directors etc. of Cayman Financial Institutions\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Punishment 22.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"PART 4 - COMPLIANCE Administrative penalties and safeguards for them 24. 25. 26.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"Procedure for imposing penalty 28. 29. 30.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"Appeals 32. 33.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_34\", \"num\": \"34.\", \"text\": \"Interest\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_35\", \"num\": \"35.\", \"text\": \"PART 5 - MISCELLANEOUS 36. 37.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_38\", \"num\": \"38.\", \"text\": \"Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) Arrangement of Regulations SCHEDULE COMMON STANDARD ON REPORTING AND DUE DILIGENCE FOR FINANCIAL ACCOUNT INFORMATION ENDNOTES Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) Regulation 1 Tax Information Authority Act (2021 Revision) TAX INFORMATION AUTHORITY (INTERNATIONAL TAX COMPLIANCE) (COMMON REPORTING STANDARD) REGULATIONS (2021 Revision) PART 1 \u2013 PRELIMINARY PROVISIONS\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Citation 1. These Regulations may be cited as the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Definitions 2. (1) In these Regulations \u2014 \u201cappeal\u201d means an appeal under regulation 32 and any further appeals relating to the decision on such an appeal; \u201cAuthority\u201d means the Tax Information Authority designated under section 4 of the Tax Information Authority Act (2021 Revision), or a person designated by the Authority to act on behalf of the Authority; \u201cbreach notice\u201d means the notice mentioned in regulation 28(1)(a); \u201cCayman Financial Institution\u201d means \u2014 Regulation 2 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) (a) a Financial Institution resident in the Islands other than any of the institution\u2019s branches outside the Islands; and (b) a branch in the Islands of a Financial Institution not resident in the Islands; \u201cCayman Reporting Financial Institution\u201d means a Cayman Financial Institution other than a Non-Reporting Financial Institution; \u201ccommentary\u201d means the commentary mentioned in regulation 5(1); \u201cCommon Reporting Standard\u201d means the standard for automatic exchange of financial account information developed by the Organisation for Economic Co-Operation and Development as amended from time to time by the Organisation for Economic Co-operation and Development, set out in the Schedule; \u201ccompany\u201d means a company as defined under section 2 of the Companies Act (2021 Revision), a foreign company registered under that Act or an LLC; \u201ccontinuing penalty\u201d means the notice mentioned in regulation 24(2); \u201ccontravention\u201d, for a provision pertaining to an offence or a penalty, means the contravention that constituted the offence or the act or omission to which the penalty relates; \u201cdesignated person\u201d means a person designated mentioned in the definition of \u201cAuthority\u201d; \u201celectronic address\u201d includes an email address and the address of a digital mailbox; \u201celectronic portal\u201d means the Authority\u2019s electronic portal for the automatic exchange of information; \u201cexempted limited partnership\u201d means an exempted limited partnership as defined under section 2 of the Exempted Limited Partnership Act (2021 Revision); \u201cgive\u201d, for a notice or information, includes to deliver, provide, send, transmit or make the notice or information; \u201cinaccurate\u201d means incomplete, incorrect or unreliable; \u201cinterest\u201d, for a provision about a penalty, means interest accrued or accruing on the penalty under regulation 35; \u201climited partnership\u201d means a limited partnership registered under section 49 of the Partnership Act (2013 Revision); \u201cLLC\u201d means a limited liability company as defined under section 2 of the Limited Liability Companies Act (2021 Revision); \u201cnotice\u201d means written information given, or to be given, electronically or by another mode of communication; \u201cofficial website\u201d means \u2014 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) Regulation 3 (a) the website of the Department for International Tax Cooperation; (b) any website of the Authority; or (c) another Government website about international tax cooperation; \u201cOrganisation for Economic Co-Operation and Development\u201d means the Organisation for Economic Co-Operation and Development which was established by the Convention on the Organisation for Economic Co-operation and Development signed in Paris on 14th December, 1960; \u201cparty\u201d, for a provision about a penalty or proposed penalty, means the person on whom the penalty has been imposed or is being considered to be imposed; \u201cpenalty\u201d means a penalty imposed under regulation 24, reconsidered under regulation 34(2)(b) or deemed under regulation 34(3); \u201cpenalty notice\u201d means the notice mentioned in regulation 28(1)(c); \u201cprimary penalty\u201d means the notice mentioned in regulation 24(1); \u201cprincipal point of contact\u201d, for a Cayman Financial Institution, means the person most recently notified under regulation 8 as its principal point of contact; \u201crelevant scheduled Agreement\u201d means an agreement that permits the automatic exchange of information for tax purposes and is set out in a Schedule to the Tax Information Authority Act (2021 Revision); \u201cresident in the Islands\u201d, for a Financial Institution, means \u2014 (a) being incorporated or established in the Islands; (b) having in the Islands a place of effective management as defined under paragraph 109 of the commentary; or (c) being subject to financial supervision in the Islands; \u201creturn\u201d (other than in the Schedule) means a return required under regulation 9(1); and \u201cstayed\u201d, for a penalty or interest, means that they cannot be enforced because of the operation of regulation 30(1). (2) Subject to regulation 6A, definitions under the Common Reporting Standard apply for these Regulations for terms not defined under regulation 2(1).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Repealed 3. Repealed by regulation 3 of the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Repealed 4. Repealed by regulation 3 of the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016. Regulation 5 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) 5. Common Reporting Standard commentary 5. (1) For the purposes of these Regulations the Common Reporting Standard commentary, which is any explanatory material made and published by the Organisation for Economic Co-Operation and Development for the purpose of assisting with the interpretation of the Common Reporting Standard, is an integral part of the Common Reporting Standard and accordingly applies for the purposes of the automatic exchange of financial account information under a relevant scheduled Agreement. (2) Repealed by regulation 4 of the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016. (3) The Authority shall at least once every calendar year publish by Notice in the Gazette a list of Participating Jurisdictions for the purposes of the Common Reporting Standard. 5A. Guidelines 5A. The Authority may issue guidelines for complying with Part 2, for using the electronic portal, or both. PART 2 \u2013 APPLICATION OF THE COMMON REPORTING STANDARD 6. Common Reporting Standard in force 6. For the purposes of the automatic exchange of financial account information under a relevant scheduled Agreement the Common Reporting Standard comes into force in the Islands on 1st January, 2016. 6A. Rules for applying the standard 6A. (1) This regulation states rules for how a Cayman Financial Institution shall, under this Part, apply the Common Reporting Standard. (2) A reference in the standard to a term as follows is to be read as a reference to the following conversion \u2014 Term Conversion A Financial Institution A Cayman Financial Institution A Reporting Financial Institution A Cayman Reporting Financial Institution A reporting period or a calendar year or other appropriate reporting period A calendar year. Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) Regulation 7 (3) Sections IID and 1X of the standard do not apply. (4) For paragraph 17(g) of the definition \u201cExcluded Account\u201d in Section VIIIC of the standard, a Depository Account is defined as an Excluded Account if the account \u2014 (a) is a dormant account under section 4(1) of the Dormant Accounts Act (2011 Revision); and (b) has a balance of $1,000 or less. (5) An account balance with a negative value shall be treated as having a nil value. (6) If a balance or value of an account is denominated in a currency other than US dollars, a relevant US dollar threshold amount shall be translated into the other currency by reference to the spot rate of exchange on the date of the threshold amount.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Required policies and procedures for Cayman Reporting Financial Institutions 7. (1) Each Cayman Reporting Financial Institution shall \u2014 (a) establish and maintain written policies and procedures to comply with this Part; and (b) implement and comply with the policies and procedures. (2) Without limiting regulation 7(1), the policies and procedures shall \u2014 (a) identify each jurisdiction in which an Account Holder or a Controlling Person is resident for income tax or corporation tax purposes or for the purpose of any tax imposed by the law of the jurisdiction that is of a similar character to either of those taxes; (b) apply the due diligence procedures set out in the Common Reporting Standard; and (c) ensure that any information obtained in accordance with this Part or a record of the steps taken to comply with this Part in respect of a Financial Account is kept for six years from the end of the year to which the information relates or during which the steps were taken. (3) A Cayman Reporting Financial Institution is deemed to have contravened the policies and procedures relating to a self-certification or documentary evidence (the \u201cinstrument\u201d) if the institution \u2014 (a) knows, or has reason to believe, the instrument is inaccurate in a material way for the policies and procedures; and (b) it makes a return that relies on the instrument\u2019s accuracy. Regulation 8 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Obligation of Cayman Financial Institutions to notify certain information 8. (1) Each Cayman Financial Institution, other than an exempted body, shall give the Authority \u2014 (a) a notice (an \u201cinformation notice\u201d) stating the required information about the institution on or before \u2014 (i) 30th April 2017; or (ii) if an entity becomes a Cayman Financial Institution after that date, the next 30th April after the entity became a Cayman Financial Institution; and (b) if any of the required information so notified changes, a notice stating details of the change (a \u201cchange notice\u201d). (2) An information notice or change notice shall be given electronically in the way and in the form \u2014 (a) posted on an official website, for the information of Cayman Financial Institutions generally; or (b) stated in a notice given to any particular Cayman Financial Institution in question. (3) Also, a change notice for a Cayman Financial Institution\u2019s principal point of contact can only be given by the person the institution has authorised for that purpose as most recently notified under an information notice or change notice. (4) In this regulation \u2014 \u201cexempted body\u201d means \u2014 (a) the Cayman Islands Monetary Authority under section 5(1) of the Monetary Authority Act (2020 Revision) (\u201cCIMA\u201d); (b) a Governmental Entity; or (c) a Pension Fund of CIMA or a Governmental Entity; and \u201crequired information\u201d, for a Cayman Financial Institution, means \u2014 (a) the institution\u2019s name and any number given to it by the Authority as a Financial Institution; (b) whether the institution is a Cayman Reporting Financial Institution or a Non-Reporting Financial Institution; and (c) if the institution is a Cayman Reporting Financial Institution, its type or types under paragraph B of Section VIII of the standard; (d) if the institution is a Non-Reporting Financial Institution, its classification under paragraph A of Section VIII of the standard; and (e) the full name, address, business entity, position and contact details (including an electronic address) of \u2014 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) Regulation 9 (i) a person the institution has authorised to be its principal point of contact for compliance with this Part; and (ii) except in circumstances specified by the Authority, another person the institution has authorised to give change notices for its principal point of contact.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Obligation to make a return 9. (1) Each Cayman Reporting Financial Institution shall, for each calendar year \u2014 (a) make a return to the Authority for each Reportable Account the institution maintained during the year setting out the information required to be reported under the Common Reporting Standard; or (b) if the institution did not maintain any Reportable Account in any Reportable Jurisdiction during the year, make a nil return, and provide to the Authority information reasonably required by the Authority to ensure effective implementation of, and compliance with, the reporting and due diligence procedures in accordance with the Common Reporting Standard. (2) Repealed by regulation 9 of the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016. (3) Repealed by regulation 9 of the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016. (4) A Cayman Reporting Financial Institution shall make a return on or before 31st July of the year following the calendar year to which the return relates. (5) For the purposes of the information required to be reported under a relevant scheduled Agreement \u2014 (a) a reference to the balance or value of an account includes a nil balance or value; and (b) a reference to paying an amount includes crediting an amount. 10. Requirements for making returns 10. (1) Returns can only be made in the form and manner specified through use of the electronic portal. (2) The Authority shall notify Cayman Reporting Financial Institutions of the electronic portal and its usage by \u2014 (a) a post on an official website, for their information generally; or (b) a notice given to any particular Cayman Reporting Financial Institution in question. (3) Unless the contrary is proved, the Authority shall assume a return accepted by using the electronic portal \u2014 (a) has been made as required under regulation 10(1); or Regulation 11 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) (b) was made \u2014 (i) when the return was accepted by the portal; (ii) by whoever made the return by using the portal; and (iii) with the authority of the Cayman Reporting Financial Institution on whose behalf the return purports to have been made.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Appointment of Third Parties 11. (1) A Cayman Financial Institution may appoint a person as the Cayman Financial Institution\u2019s agent to carry out the duties and obligations imposed on the Cayman Financial Institution by this Part. (2) If a Cayman Financial Institution makes an appointment under regulation 11(1), the Cayman Financial Institution shall ensure that the Cayman Financial Institution continues to have access to and is able to produce to the Authority records and documentary evidence used to identify and report on Reportable Accounts. (3) The Cayman Financial Institution is responsible for any failure of the person appointed under regulation 11(1) to satisfy the Cayman Financial Institution\u2019s obligations under this Part.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Authority\u2019s monitoring function 12. (1) The Authority may by notice given to a Cayman Reporting Financial Institution, require the institution \u2014 (a) within a time specified by the Authority, to provide to the Authority information, including a copy of a relevant book, document or other record, or of electronically stored information; or (b) at a time specified by the Authority, to make available to the Authority for inspection, a book, document or other record, or any electronically stored information, that is in the institution\u2019s possession or under its control that the Authority reasonably requires to decide whether or not information the institution gave the Authority was accurate. (2) If information the Authority wants or wants to inspect, is outside the Islands and the Authority requires the institution to bring the information to the Islands, the Authority shall specify a time that will enable the institution to bring the information to the Islands and the institution shall comply with the requirement of the Authority. (3) A Cayman Reporting Financial Institution shall retain for six years a book, document or other record, including any information stored by electronic means, that relates to the information required to be reported to the Authority under this Part. Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) Regulation 13 13. Anti-avoidance 13. If a person enters into any arrangement, the main purpose or one of the main purposes of which is to avoid any obligation under this Part, the arrangement is deemed not to have been entered into by the person and this Part is to have effect as if the arrangement had never been in existence. PART 3 - OFFENCES General offences and defence\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Offence pertaining to false self certification 14. (1) A person commits an offence if \u2014 (a) the person makes a self-certification that is false in a material particular for the Common Reporting Standard; and (b) a Cayman Financial Institution is given the self-certification for any purpose for which the self-certification was made or purports to have been made. (2) For regulation 14(1), it does not matter that \u2014 (a) the self-certification was made outside the Islands; (b) the person did not know, or had no reason to know, that the selfcertification was false; or (c) the self-certification was given to the institution by someone else. (3) In this regulation \u2014 \u201cmakes\u201d means to sign or otherwise positively affirm; and \u201cself-certification\u201d means information, whatever called, that performs or purports to perform a purpose of a self-certification under the Common Reporting Standard.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Offence to contravene Part 2 15. A Cayman Financial Institution commits an offence if it contravenes any regulation in Part 2.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Inaccurate information offence 16. A Cayman Financial Institution commits an offence if \u2014 (a) in purported compliance with Part 2, the institution gives the Authority information that is materially inaccurate (the \u201cact\u201d); and (b) the institution \u2014 Regulation 17 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) (i) knew of the inaccuracy when the act was done; (ii) in doing the act, behaved fraudulently, intentionally, negligently or recklessly; (iii) in doing the act, contravened its policies or procedures under regulation 7; or (iv) discovered the inaccuracy after doing the act, but did not tell the Authority about the inaccuracy as soon as practicable after making the discovery.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Offence pertaining to access to confidential information 17. A person commits an offence if \u2014 (a) in purported compliance with Part 2, the person gives the Authority information that is materially inaccurate (\u201cthe act\u201d); and (b) the act was done intentionally to cause, or the person knew the act was likely to cause, a contravention of section 20A of the Law.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Tampering offence 18. A person commits an offence if the person \u2014 (a) alters, destroys, mutilates, defaces, hides or removes information in a way that causes the person or anyone else to contravene Part 2 in relation to the information; or (b) authorises, advises or counsels someone else to contravene regulation 18(a).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Hindering offence 19. A person commits an offence if the person hinders the Authority in performing a function under these Regulations or under section 5 of the Act concerning the Common Reporting Standard. 20. Reasonable excuse defence 20. (1) It is a defence to a proceeding for an offence against this Part (other than against regulation 21) for the defendant to prove the defendant had a reasonable excuse. (2) However, neither insufficiency of funds nor reliance on an agent appointed under regulation 11 (or anyone else) is a reasonable excuse. (3) If a defendant had a reasonable excuse for a contravention but the excuse has ceased, the defendant is to be treated as having continued to have the excuse if the contravention is remedied without unreasonable delay after the excuse ceased. Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) Regulation 21 Criminal liability of directors etc. of Cayman Financial Institutions 21. Imputed offence 21. (1) If a Cayman Financial Institution commits an offence against this Part all of the following of or relating to the institution are also guilty of that offence \u2014 (a) if the institution is a body corporate, its directors, managers, secretaries and other similar officers to any such office, whatever called, and \u2014 (i) if the institution is an LLC, its members; and (ii) if the institution is another type of company being managed by its members, its members; and (b) if the institution is a limited partnership or exempted limited partnership, its general partners and any of its limited partners who are participating in its management; (c) if the institution is any other type of partnership, its partners; (d) if the institution is a trust, its trustees; and (e) anyone else who, when the offence was committed was \u2014 (i) purporting to act in a capacity or position mentioned in regulations 21(1)(a) to (d); or (ii) otherwise a de facto decision maker for the institution. (2) However, it is a defence for the defendant to prove that the defendant exercised reasonable diligence to prevent the contravention. Punishment\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Punishment and criteria 22. (1) A person who commits an offence against this Part is liable to a fine of \u2014 (a) for the following, $50,000 \u2014 (i) for an offence by a body corporate; or (ii) for an offence by an individual who forms, or forms part of, an unincorporated Cayman Financial Institution; or (b) otherwise, $20,000. (2) In deciding the amount of the fine \u2014 (a) regulation 25 applies as if a reference to a penalty were to the fine and a reference to the Authority were to the court; and (b) the court shall have regard to any penalty imposed for the contravention. Regulation 23 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) 23. Provisions pertaining to the Criminal Procedure Code 23. (1) Regulation 22 applies despite sections 6(2) and 8 of the Criminal Procedure Code (2021 Revision). (2) Despite section 78 of that Code, regulation 26 applies for prosecutions for offences against this Part as if a reference in that paragraph to imposing a penalty were a reference to a prosecution. PART 4 - COMPLIANCE Administrative penalties and safeguards for them\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"Power to penalise 24. (1) Subject to complying with regulations 28 to 31, the Authority may impose a penalty of the following amount (a \u201cprimary penalty\u201d) for offences against Part 3 \u2014 (a) for the following, $50,000 \u2014 (i) for an offence by a body corporate; or (ii) for an offence by an individual who forms, or forms part of, an unincorporated Cayman Financial Institution; or (b) otherwise, $20,000. (2) Also, if \u2014 (a) a primary penalty has been imposed, which penalty has not been stayed; (b) the contravention has not been remedied; and (c) the party is capable of remedying the contravention, the Authority may impose further penalties on the party of $100 for each day the contravention continues (each a \u201ccontinuing penalty\u201d). (3) For regulation 24(2)(c), insufficiency of funds or reliance on an agent appointed under regulation 11 (or anyone else) does not, of itself, make the party incapable of remedying the contravention. (4) A penalty becomes a debt owing by the party to the Crown thirty days after the penalty is imposed.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"Criteria for deciding penalty 25. (1) In deciding whether to impose a penalty or its amount, the Authority shall consider the following criteria in the following order of importance \u2014 (a) the need to ensure strict compliance with, and to penalise and deter contravention of, these Regulations; Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) Regulation 26 (b) the nature, seriousness and consequences of the contravention; (c) the apparent degree of the party\u2019s inadvertence, intent or negligence in committing the contravention; (d) the party\u2019s conduct after becoming aware of the contravention, including, for example \u2014 (i) whether and how quickly the party brought the contravention to the Authority\u2019s attention; and (ii) the party\u2019s efforts to remedy the contravention or prevent its recurrence; and (e) the party\u2019s history of compliance with the Common Reporting Standard, in the Islands or elsewhere, of which the Authority is aware. (2) The Authority may also consider other matters it reasonably considers are relevant. (3) The criteria and matters prevail over any issue concerning the party\u2019s resources or ability to pay.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"Limitation period 26. (1) The Authority cannot impose a primary penalty for an offence against regulation 15 more than one year after becoming aware of the contravention. (2) The Authority cannot impose a primary penalty for another offence against this Part after the earlier of the following \u2014 (a) one year after becoming aware of the contravention; or (b) six years after the contravention happened. (3) There is no limitation period for imposing a continuing penalty while all the conditions under regulation 24(2)(a), (b) and (c) continue to apply. 27. Protection against double jeopardy 27. A prosecution against a person for an offence (whether or not a conviction resulted) precludes the imposition of a penalty against that person for the same offence, but not vice versa. Procedure for imposing penalty\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"Steps required to impose penalty 28. (1) The Authority can only impose a primary penalty by \u2014 (a) giving the party a notice that complies with regulation 29 (a \u201cbreach notice\u201d); (b) if regulation 30 applies, complying with that regulation; and Regulation 29 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) (c) giving the party a notice that complies with regulation 31 (a \u201cpenalty notice\u201d). (2) The Authority can only impose a continuing penalty by giving the party a penalty notice. (3) The same penalty notice may be given for two or more continuing penalties for the same primary penalty\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"Breach notice for primary penalty 29. (1) A breach notice shall be dated and state \u2014 (a) the party\u2019s name; (b) that the Authority proposes to impose a penalty on the party (the \u201cproposed action\u201d) for the offence it believes the party committed; (c) the facts and circumstances that the Authority believes constituted the offence; (d) the amount of the penalty the Authority proposes (the \u201cproposed amount\u201d); and (e) that the party may, within a period stated in the notice after receiving the notice, make written representations to the Authority about the proposed action, the proposed amount, or both. (2) The stated period cannot end less than sixty days after the giving of the notice.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"Considering representations and deciding primary penalty 30. (1) This regulation applies only if a breach notice has been given for a penalty, the period stated in the notice has ended and the party has made representations as stated in the notice. (2) The Authority shall consider all matters raised in the representations concerning the proposed action and the proposed amount mentioned in regulation 29(1) and reconsider the proposed action and, if relevant, the proposed amount. (3) The reconsideration need only be on the balance of probabilities. (4) The amount of a penalty imposed may be any amount not exceeding the proposed amount. 31. Penalty notice for all penalties 31. (1) A penalty notice shall be dated and state \u2014 (a) the party\u2019s name; (b) that the Authority has imposed a penalty of a stated amount on the party; (c) if the penalty is a primary penalty, reasons for the decision to impose the penalty and for its amount; Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) Regulation 32 (d) if the penalty is a continuing penalty, the date of the penalty notice for each relevant primary penalty; (e) that the penalty will become a debt owing by the party to the Crown thirty days after the notice has been given; and (f) the substance of the party\u2019s appeal right. (2) The Authority may share information about a penalty (other than any reasons for the decision stated in the relevant penalty notice) with other Government authorities and regulators, both domestically and overseas. Appeals\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_32\", \"num\": \"32.\", \"text\": \"Appeal right 32. (1) A party who has been given a penalty notice may appeal to a court against the decision to impose the penalty, its amount, or both. (2) However, the appeal may be made only within sixty days after the party received the notice, or any later period the court allows.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_33\", \"num\": \"33.\", \"text\": \"Automatic stay on appeal 33. (1) The Authority cannot, without the court\u2019s leave, enforce the penalty the subject of an appeal or interest until the outcome of the appeal. (2) To avoid doubt, regulation 33(1) does not limit or otherwise affect any obligation of the party under Part 2. 34. Appeal hearing and outcome 34. (1) An appeal is by way of a rehearing de novo. (2) After hearing an appeal, the court may \u2014 (a) affirm, set aside or vary the decision appealed against (the \u201coriginal decision\u201d); or (b) set aside the original decision and remit the matter to the Authority for it to reconsider with directions the court considers fit. (3) The following applies if the court\u2019s decision is to affirm the original decision or to vary it in a way that a penalty is still imposed \u2014 (a) the court\u2019s decision is (other than for regulations 28 and 32) deemed to have always been the original decision; (b) the court may, at the Authority\u2019s request, issue a judgment against the party for all or any part of the penalty that continues to be unpaid and for interest; and Regulation 35 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) (c) the request may be made during the appeal; when the court\u2019s decision is handed down or at any later time on production of a certificate under regulation 38(3)(j). (4) If the court\u2019s decision is to set aside and not to remit, both the penalty and interest are deemed to have never been owing. Interest 35. Interest 35. (1) Interest accrues on a penalty while all or any part of the penalty continues to be unpaid, starting on the day immediately after the penalty became owing under regulation 24(4) and ending on the day the penalty is paid in full, both days inclusive. (2) The interest accrues at daily rests and as compound interest. (3) The rate of the interest is the higher of the following \u2014 (a) five percent; or (b) the average percentage of the annual consumer price index and inflation rates for the most recent three calendar years published by \u2014 (i) the Islands\u2019 Economics and Statistics Office (or any other similar body) under the Statistics Act (2016 Revision); or (ii) if those rates cease to be published, the index that most closely performs the functions of publishing the rates. (4) Payments relating to the penalty are to be applied to the interest first. (5) The interest is also a debt owing to the Crown. (6) The accruing of interest applies even if the penalty has been stayed, but is subject to regulation 34(3) and (4). PART 5 - MISCELLANEOUS\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_36\", \"num\": \"36.\", \"text\": \"Conduct and mens rea of representatives 36. (1) This regulation applies for a decision by a body as follows if it is relevant to consider whether or not a person (the \u201cprincipal\u201d) engaged in conduct or had a state of mind about conduct, or both \u2014 (a) the Authority deciding whether or not to impose a penalty or the amount of a penalty; and (b) a court hearing a civil or criminal proceeding (including an appeal) relating to Part 3 or 4. Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) Regulation 36 (2) The principal is deemed to have engaged in the conduct if the Authority is satisfied the conduct was vicarious, unless the principal proves \u2014 (a) the principal was not in a position to prevent the conduct; or (b) if the principal was in such a position, the principal took reasonable steps to prevent the conduct. (3) The principal is deemed to have had the state of mind if the Authority is satisfied the conduct was vicarious and the representative had the state of mind. (4) Satisfaction under regulation 36(2) or (3) need only be on the balance of probabilities. (5) In this regulation \u2014 \u201cengaging\u201d, in conduct, includes failing to engage in conduct; \u201crepresentative\u201d, of the principal, means any of the following of or relating to the principal \u2014 (a) a director, manager or other officer, whatever called, or an employee or other agent; (b) if the principal is an LLC, its members; (c) if the principal is another type of company being managed by its members, its members; (d) if the principal is a limited partnership or exempted limited partnership, its general partners and any of its limited partners who, when the conduct took place, were participating in its management; (e) if the principal is any other type of partnership, its partners; (f) if the principal is a trust, its trustees; or (g) anyone else who, when the conduct took place, was \u2014 (i) purporting to act in a capacity or position mentioned in regulations 36(5)(a) to (f); or (ii) otherwise a de facto decision maker for the principal; and \u201cstate of mind\u201d, of the principal or a representative, includes their \u2014 (a) belief, intention, knowledge, opinion or purpose; and (b) reasons for the belief, intention, opinion or purpose; and \u201cvicarious\u201d, for conduct, means that it was engaged in by a representative of the principal within the scope of the representative\u2019s actual or apparent authority from the principal. Regulation 37 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_37\", \"num\": \"37.\", \"text\": \"Giving of notices by Authority 37. (1) The Authority may give a person (the \u201cperson concerned\u201d) a notice for any purpose of these Regulations to a particular electronic address if anyone as follows has, from that address, electronically communicated with the Authority for an official purpose \u2014 (a) the person concerned; (b) another person who had, or had apparently, been, authorised by the person concerned to communicate with the Authority for an official purpose; (c) the electronic agent, as defined under section 2 of the Electronic Transactions Act (2003 Revision), of the person concerned; and (d) if the person concerned is a Cayman Financial Institution, its principal point of contact. (2) However, if there has been more than one such electronic address for a person mentioned in regulation 37(1)(a) to (d), the notice from the Authority can only be given to the address that the person most recently used to communicate with the Authority for an official purpose. (3) Without limiting regulation 37(1), if the person concerned is an individual, the Authority may give the person a notice for any purpose of these Regulations in any way that, under section 18(4) of the Criminal Procedure Code (2021 Revision), a summons may be served. (4) In this regulation \u2014 \u201cofficial purpose\u201d means a purpose related to the Authority\u2019s functions under the Act, these Regulations or other Regulations under the Act. 38. Evidentiary provisions 38. (1) This regulation applies for a civil or criminal proceeding (including an appeal) relating to these Regulations or to enforce a penalty or interest. (2) A signature purporting to be the signature of a designated person is evidence of the signature it purports to be. (3) A certificate signed, or purporting to be signed, by a designated person stating any of the following is evidence of that matter \u2014 (a) that a stated document is a copy of a post on an official website under regulation 8 or 10 that appeared on the website on a stated day or during a stated period; (b) that a stated Cayman Financial Institution has not given a notice required under regulation 8; (c) that a stated person was a stated Cayman Financial Institution\u2019s principal point of contact at a stated time or during a stated period; Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) Regulation 38 (d) when a stated Cayman Reporting Financial Institution made a return that was accepted by use of the electronic portal (an \u201caccepted return\u201d); (e) that a stated document is a copy of an accepted return; (f) that a stated Cayman Reporting Financial Institution has not made an accepted return for a stated calendar year; (g) that a stated document is a copy of a notice given under these Regulations to a stated person (the \u201cparty\u201d); (h) that an electronic address stated in a copy mentioned in regulation 38(3)(g) was, when the party was given the notice, an electronic address for the giving of notices to the party under regulation 37; (i) that on a stated day the party was given the notice in a stated way; or (j) that a penalty or interest of a stated amount is owing to the Crown by a stated person. (4) A certificate under regulation 38(3) is evidence of the matters it states. (5) For section 17 of the Electronic Transactions Act (2003 Revision), a certificate under regulation 38(3)(i) is evidence that the notice was electronically given to the recipient at the stated time. Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) SCHEDULE SCHEDULE (Regulation 2) COMMON STANDARD ON REPORTING AND DUE DILIGENCE FOR FINANCIAL ACCOUNT INFORMATION Section I: General Reporting Requirements A. Subject to paragraphs C through E, each Reporting Financial Institution must report the following information with respect to each Reportable Account of such Reporting Financial Institution: 1. the name, address, jurisdiction(s) of residence, TIN(s) and date and place of birth (in the case of an individual) of each Reportable Person that is an Account Holder of the account and, in the case of any Entity that is an Account Holder and that, after application of the due diligence procedures consistent with Sections V, VI and VII, is identified as having one or more Controlling Persons that is a Reportable Person, the name, address, jurisdiction(s) of residence and TIN(s) of the Entity and the name, address, jurisdiction(s) of residence, TIN(s) and date and place of birth of each Reportable Person; 2. the account number (or functional equivalent in the absence of an account number); 3. the name and identifying number (if any) of the Reporting Financial Institution; 4. the account balance or value (including, in the case of a Cash Value Insurance Contract or Annuity Contract, the Cash Value or surrender value) as of the end of the relevant calendar year or other appropriate reporting period or, if the account was closed during such year or period, the closure of the account; 5. in the case of any Custodial Account: a) the total gross amount of interest, the total gross amount of dividends, and the total gross amount of other income generated with respect to the assets held in the account, in each case paid or credited to the account (or with respect to the account) during the calendar year or other appropriate reporting period; and b) the total gross proceeds from the sale or redemption of Financial Assets paid or credited to the account during the calendar year or other appropriate reporting period with respect to which the Reporting Financial Institution acted as a custodian, broker, nominee, or otherwise as an agent for the Account Holder; 6. in the case of any Depository Account, the total gross amount of interest paid or credited to the account during the calendar year or other appropriate reporting period; and 7. in the case of any account not described in subparagraph A(5) or (6), the total gross amount paid or credited to the Account Holder with respect to the account SCHEDULE Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) during the calendar year or other appropriate reporting period with respect to which the Reporting Financial Institution is the obligor or debtor, including the aggregate amount of any redemption payments made to the Account Holder during the calendar year or other appropriate reporting period. B. The information reported must identify the currency in which each amount is denominated. C. Notwithstanding subparagraph A(1), with respect to each Reportable Account that is a Pre-existing Account or with respect to each Financial Account that is opened prior to becoming a Reportable Account, the TIN(s) or date of birth is not required to be reported if such TIN(s) or date of birth is not in the records of the Reporting Financial Institution and is not otherwise required to be collected by such Reporting Financial Institution under domestic law. However, a Reporting Financial Institution is required to use reasonable efforts to obtain the TIN(s) and date of birth with respect to Preexisting Accounts by the end of the second calendar year following the year in which such Accounts were identified as Reportable Accounts. D. Notwithstanding subparagraph A(1), the TIN is not required to be reported if (i) a TIN is not issued by the relevant Reportable Jurisdiction or (ii) the domestic law of the relevant Reportable Jurisdiction does not require the collection of the TIN issued by such Reportable Jurisdiction. E. Notwithstanding subparagraph A(1), the place of birth is not required to be reported unless the Reporting Financial Institution is otherwise required to obtain and report it under domestic law and it is available in the electronically searchable data maintained by the Reporting Financial Institution. Section II: General Due Diligence Requirements A. An account is treated as a Reportable Account beginning as of the date it is identified as such pursuant to the due diligence procedures in Sections II through VII and, unless otherwise provided, information with respect to a Reportable Account must be reported annually in the calendar year following the year to which the information relates. B. A Reporting Financial Institution, which pursuant to the procedures described in Sections II through VII, identifies any account as a Foreign Account that is not a Reportable Account at the time the due diligence is performed, may rely on the outcome of such procedures to comply with future reporting obligations. C. The balance or value of an account is determined as of the last day of the calendar year or other appropriate reporting period. D. Where a balance or value threshold is to be determined as of the last day of a calendar year, the relevant balance or value must be determined as of the last day of the reporting period that ends with or within that calendar year. E. Reporting Financial Institutions may apply the due diligence procedures for New Accounts to Pre-existing Accounts, and the due diligence procedures for High Value Accounts to Lower Value Accounts. Where New Account due diligence procedures are used for Pre-existing Accounts, the rules otherwise applicable to Pre-existing Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) SCHEDULE Accounts continue to apply. Section III: Due Diligence for Pre-existing Individual Accounts The following procedures apply with respect to Pre-existing Individual Accounts. A. Accounts Not Required to be Reviewed, Identified, or Reported. A Pre-existing Individual Account that is a Cash Value Insurance Contract or an Annuity Contract is not required to be reviewed, identified or reported, provided the Reporting Financial Institution is effectively prevented by law from selling such Contract to residents of a Reportable Jurisdiction. B. Lower Value Accounts. The following procedures apply with respect to Lower Value Accounts. 1. Residence Address. If the Reporting Financial Institution has in its records a current residence address for the individual Account Holder based on Documentary Evidence, the Reporting Financial Institution may treat the individual Account Holder as being a resident for tax purposes of the jurisdiction in which the address is located for purposes of determining whether such individual Account Holder is a Reportable Person. 2. Electronic Record Search. If the Reporting Financial Institution does not rely on a current residence address for the individual Account Holder based on Documentary Evidence as set forth in subparagraph B(1), the Reporting Financial Institution must review electronically searchable data maintained by the Reporting Financial Institution for any of the following indicia and apply subparagraphs B(3) through (6): a) identification of the Account Holder as a resident of a Foreign Jurisdiction; b) current mailing or residence address (including a post office box) in a Foreign Jurisdiction; c) one or more telephone numbers in a Foreign Jurisdiction and no telephone number in the jurisdiction of the Reporting Financial Institution; d) standing instructions (other than with respect to a Depository Account) to transfer funds to an account maintained in a Foreign Jurisdiction; e) currently effective power of attorney or signatory authority granted to a person with an address in a Foreign Jurisdiction; or f) a \u201chold mail\u201d instruction or \u201cin-care-of \u201d address in a Foreign Jurisdiction if the Reporting Financial Institution does not have any other address on file for the Account Holder. 3. If none of the indicia listed in subparagraph B(2) are discovered in the electronic search, then no further action is required until there is a change in circumstances that results in one or more indicia being associated with the account, or the account becomes a High Value Account. 4. If any of the indicia listed in subparagraph B(2)(a) through (e) are discovered in the electronic search, or if there is a change in circumstances that results in one or SCHEDULE Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) more indicia being associated with the account, then the Reporting Financial Institution must treat the Account Holder as a resident for tax purposes of each Foreign Jurisdiction for which an indicium is identified, unless it elects to apply subparagraph B(6) and one of the exceptions in such subparagraph applies with respect to that account. 5. If a \u201chold mail\u201d instruction or \u201cin-care-of \u201d address is discovered in the electronic search and no other address and none of the other indicia listed in subparagraph B(2)(a) through (e) are identified for the Account Holder, the Reporting Financial Institution must, in the order most appropriate to the circumstances, apply the paper record search described in subparagraph C(2), or seek to obtain from the Account Holder a self-certification or Documentary Evidence to establish the residence(s) for tax purposes of such Account Holder. If the paper search fails to establish an indicium and the attempt to obtain the self-certification or Documentary Evidence is not successful, the Reporting Financial Institution must report the account as an undocumented account. 6. Notwithstanding a finding of indicia under subparagraph B(2), a Reporting Financial Institution is not required to treat an Account Holder as a resident of a Foreign Jurisdiction if: a) the Account Holder information contains a current mailing or residence address in the Foreign Jurisdiction, one or more telephone numbers in the Foreign Jurisdiction (and no telephone number in the jurisdiction of the Reporting Financial Institution) or standing instructions (with respect to Financial Accounts other than Depository Accounts) to transfer funds to an account maintained in a Foreign Jurisdiction, the Reporting Financial Institution obtains, or has previously reviewed and maintains a record of: i) A self-certification from the Account Holder of the jurisdiction(s) of residence of such Account Holder that does not include such Foreign Jurisdiction; and II) Documentary evidence establishing the Account Holder\u2019s residence for tax purposes other than such Foreign Jurisdiction. b) the Account Holder information contains a currently effective power of attorney or signatory authority granted to a person with an address in a Foreign Jurisdiction, the Reporting Financial Institution obtains, or has previously reviewed and maintains a record of: i) A self-certification from the Account Holder of the jurisdiction(s) of residence of such Account Holder that does not include such Foreign Jurisdiction; or ii) Documentary evidence establishing the Account Holder\u2019s residence for tax purposes other than such Foreign Jurisdiction. C. Enhanced Review Procedures for High Value Accounts. The following enhanced review procedures apply with respect to High Value Accounts. Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) SCHEDULE 1. Electronic Record Search. With respect to High Value Accounts, the Reporting Financial Institution must review electronically searchable data maintained by the Reporting Financial Institution for any of the indicia described in subparagraph B(2). 2. Paper Record Search. If the Reporting Financial Institution\u2019s electronically searchable databases include fields for, and capture all of the information described in, subparagraph C(3), then a further paper record search is not required. If the electronic databases do not capture all of this information, then with respect to a High Value Account, the Reporting Financial Institution must also review the current customer master file and, to the extent not contained in the current customer master file, the following documents associated with the account and obtained by the Reporting Financial Institution within the last five years for any of the indicia described in subparagraph B(2): a) the most recent Documentary Evidence collected with respect to the account; b) the most recent account opening contract or documentation; c) the most recent documentation obtained by the Reporting Financial Institution pursuant to AML\/KYC Procedures or for other regulatory purposes; d) any power of attorney or signature authority forms currently in effect; and e) any standing instructions (other than with respect to a Depository Account) to transfer funds currently in effect. 3. Exception To The Extent Databases Contain Sufficient Information. A Reporting Financial Institution is not required to perform the paper record search described in subparagraph C(2) to the extent the Reporting Financial Institution\u2019s electronically searchable information includes the following: a) the Account Holder\u2019s residence status; b) the Account Holder\u2019s residence address and mailing address currently on file with the Reporting Financial Institution; c) the Account Holder\u2019s telephone number(s) currently on file, if any, with the Reporting Financial Institution; d) in the case of Financial Accounts other than Depository Accounts, whether there are standing instructions to transfer funds in the account to another account (including an account at another branch of the Reporting Financial Institution or another Financial Institution); e) whether there is a current \u201cin-care-of \u201d address or \u201chold mail\u201d instruction for the Account Holder; and f) whether there is any power of attorney or signatory authority for the account. SCHEDULE Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) 4. Relationship Manager Inquiry for Actual Knowledge. In addition to the electronic and paper record searches described above, the Reporting Financial Institution must treat as a Reportable Account any High Value Account assigned to a relationship manager (including any Financial Accounts aggregated with that High Value Account) if the relationship manager has actual knowledge that the Account Holder is a Reportable Person. 5. Effect of Finding Indicia. a) If none of the indicia listed in subparagraph B(2) are discovered in the enhanced review of High Value Accounts described above, and the account is not identified as held by a resident for tax purposes in a Foreign Jurisdiction in subparagraph C(4), then further action is not required until there is a change in circumstances that results in one or more indicia being associated with the account. b) If any of the indicia listed in subparagraph B(2)(a) through (e) are discovered in the enhanced review of High Value Accounts described above, or if there is a subsequent change in circumstances that results in one or more indicia being associated with the account, then the Reporting Financial Institution must treat the Account Holder as a resident for tax purposes of each Foreign Jurisdiction for which an indicium is identified unless it elects to apply subparagraph B(6) and one of the exceptions in such subparagraph applies with respect to that account. c) If a \u201chold mail\u201d instruction or \u201cin-care-of\u201d address is discovered in the enhanced review of High Value Accounts described above, and no other address and none of the other indicia listed in subparagraph B(2)(a) through (e) are identified for the Account Holder, the Reporting Financial Institution must obtain from such Account Holder a self-certification or Documentary Evidence to establish the residence(s) for tax purposes of the Account Holder. If the Reporting Financial Institution cannot obtain such self-certification or Documentary Evidence, it must report the account as an undocumented account. 6. If a Pre-existing Individual Account is not a High Value Account as of 31 December 2015, but becomes a High Value Account as of the last day of a subsequent calendar year, the Reporting Financial Institution must complete the enhanced review procedures described in paragraph C with respect to such account within the calendar year following the year in which the account becomes a High Value Account. If based on this review such account is identified as a Reportable Account, the Reporting Financial Institution must report the required information about such account with respect to the year in which it is identified as a Reportable Account and subsequent years on an annual basis, unless the Account Holder ceases to be a Reportable Person. 7. Once a Reporting Financial Institution applies the enhanced review procedures described in paragraph C to a High Value Account, the Reporting Financial Institution is not required to re-apply such procedures, other than the relationship manager inquiry Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) SCHEDULE described in subparagraph C(4), to the same High Value Account in any subsequent year unless the account is undocumented where the Reporting Financial Institution should re-apply them annually until such account ceases to be undocumented. 8. If there is a change of circumstances with respect to a High Value Account that results in one or more indicia described in subparagraph B(2) being associated with the account, then the Reporting Financial Institution must treat the account as a Reportable Account with respect to each Foreign Jurisdiction for which an indicium is identified unless it elects to apply subparagraph B(6) and one of the exceptions in such subparagraph applies with respect to that account. 9. A Reporting Financial Institution must implement procedures to ensure that a relationship manager identifies any change in circumstances of an account. For example, if a relationship manager is notified that the Account Holder has a new mailing address in a Foreign Jurisdiction, the Reporting Financial Institution is required to treat the new address as a change in circumstances and, if it elects to apply subparagraph B(6), is required to obtain the appropriate documentation from the Account Holder. D. Review of Pre-existing High Value Individual Accounts must be completed by 31 December 2016. Review of Pre-existing Lower Value Individual Accounts must be completed by 31 December 2017. E. Any Pre-existing Individual Account that has been identified as a Reportable Account under this Section must be treated as a Reportable Account in all subsequent years, unless the Account Holder ceases to be a Reportable Person. Section IV: Due Diligence for New Individual Accounts The following procedures apply with respect to New Individual Accounts. A. With respect to New Individual Accounts, upon account opening, the Reporting Financial Institution must obtain a self-certification, which may be part of the account opening documentation, that allows the Reporting Financial Institution to determine the Account Holder\u2019s residence(s) for tax purposes and confirm the reasonableness of such self-certification based on the information obtained by the Reporting Financial Institution in connection with the opening of the account, including any documentation collected pursuant to AML\/KYC Procedures. B. If the self-certification establishes that the Account Holder is resident for tax purposes in a Reportable Jurisdiction, the Reporting Financial Institution must treat the account as a Reportable Account and the self-certification must also include the Account Holder\u2019s TIN with respect to such Reportable Jurisdiction (subject to paragraph D of Section I) and date of birth. C. If there is a change of circumstances with respect to a New Individual Account that causes the Reporting Financial Institution to know, or have reason to know, that the original self-certification is incorrect or unreliable, the Reporting Financial Institution cannot rely on the original self-certification and must obtain a valid self-certification that establishes the residence(s) for tax purposes of the Account Holder. Section V: Due Diligence for Pre-existing Entity Accounts The following procedures apply with respect to Pre-existing Entity Accounts. SCHEDULE Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) A. Entity Accounts Not Required to Be Reviewed, Identified or Reported. Unless the Reporting Financial Institution elects otherwise, either with respect to all Pre-existing Entity Accounts or, separately, with respect to any clearly identified group of such accounts, a Pre-existing Entity Account with an aggregate account balance or value that does not exceed USD 250 000 as of 31 December 2015, is not required to be reviewed, identified, or reported as a Reportable Account until the aggregate account balance or value exceeds USD 250 000 as of the last day of any subsequent calendar year. B. Entity Accounts Subject to Review. A Pre-existing Entity Account that has an aggregate account balance or value that exceeds USD 250 000 as of 31 December 2015, and a Pre-existing Entity Account that does not exceed USD 250 000 as of 31 December 2015 but the aggregate account balance or value of which exceeds USD 250 000 as of the last day of any subsequent calendar year, must be reviewed in accordance with the procedures set forth in paragraph D. C. Review Procedures for Identifying Entity Accounts With Respect to Which Reporting may be Required. For Pre-existing Entity Accounts described in paragraph B, a Reporting Financial Institution must apply the following review procedures: 1. Determine the Residence of the Entity. a) Review information maintained for regulatory or customer relationship purposes (including information collected pursuant to AML\/KYC Procedures) to determine the Account Holder\u2019s residence. For this purpose, information indicating that the Account Holder\u2019s residence includes a place of incorporation or organisation, or an address in a Foreign Jurisdiction. b) If the information indicates that the Account Holder is a Reportable Person, the Reporting Financial Institution must treat the account as a Reportable Account unless it obtains a self-certification from the Account Holder, or reasonably determines based on information in its possession or that is publicly available, that the Account Holder is not a Reportable Person. 2. Determine the Residence of the Controlling Persons of a Passive NFE. With respect to an Account Holder of a Pre-existing Entity Account (including an Entity that is a Reportable Person), the Reporting Financial Institution must determine whether the Account Holder is a Passive NFE with one or more Controlling Persons and determine the residence of such Controlling Persons. If any of the Controlling Persons of a Passive NFE is a Reportable Person, then the account is treated as a Reportable Account. In making these determinations the Reporting Financial Institution must follow the guidance in subparagraphs C(2)(a) through (c) in the order most appropriate under the circumstances. a) Determining whether the Account Holder is a Passive NFE. For purposes of determining whether the Account Holder is a Passive NFE, Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) SCHEDULE the Reporting Financial Institution must obtain a self-certification from the Account Holder to establish its status, unless it has information in its possession or that is publicly available, based on which it can reasonably determine that the Account Holder is an Active NFE or a Financial Institution other than an Investment Entity described in subparagraph A(6)(b) of Section VIII that is not a Participating Jurisdiction Financial Institution. b) Determining the Controlling Persons of an Account Holder. For the purposes of determining the Controlling Persons of an Account Holder, a Reporting Financial Institution may rely on information collected and maintained pursuant to AML\/KYC Procedures. c) Determining the residence of a Controlling Person of a Passive NFE. For the purposes of determining the residence of a Controlling Person of a Passive NFE, a Reporting Financial Institution may rely on: i) information collected and maintained pursuant to AML\/KYC Procedures in the case of a Pre-existing Entity Account held by one or more NFEs with an aggregate account balance or value that does not exceed USD 1,000,000; or ii) a self-certification from the Account Holder or such Controlling Person of the jurisdiction(s) in which the Controlling Person is resident for tax purposes. If a self-certification is not provided, the Reporting Financial Institution will establish such residence(s) by applying the procedures described in paragraph C of Section III. D. Timing of Review and Additional Procedures Applicable to Pre-existing Entity Accounts. 1. Review of Pre-existing Entity Accounts with an aggregate account balance or value that exceeds USD 250,000 as of 31 December 2015 must be completed by 31 December 2017. 2. Review of Pre-existing Entity Accounts with an aggregate account balance or value that does not exceed USD 250,000 as of 31 December 2015, but exceeds USD 250,000 as of 31 December of a subsequent year, must be completed within the calendar year following the year in which the aggregate account balance or value exceeds USD 250,000. 3. If there is a change of circumstances with respect to a Pre-existing Entity Account that causes the Reporting Financial Institution to know, or have reason to know, that the self-certification or other documentation associated with an account is incorrect or unreliable, the Reporting Financial Institution must re-determine the status of the account in accordance with the procedures set forth in paragraph C. Section VI: Due Diligence for New Entity Accounts The following procedures apply with respect to New Entity Accounts. A. Review Procedures for Identifying Entity Accounts With Respect to Which SCHEDULE Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) Reporting may be Required. For New Entity Accounts, a Reporting Financial Institution must apply the following review procedures: 1. Determine the residence of the Entity. a) Obtain a self-certification, which may be part of the account opening documentation, that allows the Reporting Financial Institution to determine the Account Holder\u2019s residence(s) for tax purposes and confirm the reasonableness of such self-certification based on the information obtained by the Reporting Financial Institution in connection with the opening of the account, including any documentation collected pursuant to AML\/KYC Procedures. If the Entity certifies that it has no residence for tax purposes, the Reporting Financial Institution may rely on the address of the principal office of the Entity to determine the residence of the Account Holder. b) If the self-certification indicates that the Account Holder is resident in a Reportable Jurisdiction, the Reporting Financial Institution must treat the account as a Reportable Account unless it reasonably determines based on information in its possession or that is publicly available, that the Account Holder is not a Reportable Person with respect to such Reportable Jurisdiction. 2. Determine the Residence of the Controlling Persons of a Passive NFE. With respect to an Account Holder of a New Entity Account (including an Entity that is a Reportable Person), the Reporting Financial Institution must identify whether the Account Holder is a Passive NFE with one or more Controlling Persons and determine the residence of such Reportable Persons. If any of the Controlling Persons of a Passive NFE is a Reportable Person, then the account must be treated as a Reportable Account. In making these determinations the Reporting Financial Institution must follow the guidance in subparagraphs A(2)(a) through (c) in the order most appropriate under the circumstances. a) Determining whether the Account Holder is a Passive NFE. For purposes of determining whether the Account Holder is a Passive NFE, the Reporting Financial Institution must rely on a self-certification from the Account Holder to establish its status, unless it has information in its possession or that is publicly available, based on which it can reasonably determine that the Account Holder is an Active NFE or a Reporting Financial Institution other than an Investment Entity described in subparagraph A(6)(b) of Section VIII that is not a Participating Jurisdiction Financial Institution. b) Determining the Controlling Persons of an Account Holder. For purposes of determining the Controlling Persons of an Account Holder, a Reporting Financial Institution may rely on information collected and maintained pursuant to AML\/KYC Procedures. Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) SCHEDULE c) Determining the residence of a Controlling Person of a Passive NFE. For purposes of determining the residence of a Controlling Person of a Passive NFE, a Reporting Financial Institution may rely on a selfcertification from the Account Holder or such Controlling Person. Section VII: Special Due Diligence Rules The following additional rules apply in implementing the due diligence procedures described above: A. Reliance on Self-Certifications and Documentary Evidence. A Reporting Financial Institution may not rely on a self-certification or Documentary Evidence if the Reporting Financial Institution knows or has reason to know that the self-certification or Documentary Evidence is incorrect or unreliable. B. Alternative Procedures for Financial Accounts Held by Individual Beneficiaries of a Cash Value Insurance Contract or an Annuity Contract and for a Group Cash Value Insurance Contract or Group Annuity Contract. A Reporting Financial Institution may presume that an individual beneficiary (other than the owner) of a Cash Value Insurance Contract or an Annuity Contract receiving a death benefit is not a Reportable Person and may treat such Financial Account as other than a Reportable Account unless the Reporting Financial Institution has actual knowledge, or reason to know, that the beneficiary is a Reportable Person. A Reporting Financial Institution has reason to know that a beneficiary of a Cash Value Insurance Contract or an Annuity Contract is a Reportable Person if the information collected by the Reporting Financial Institution and associated with the beneficiary contains indicia as described in paragraph B of Section III. If a Reporting Financial Institution has actual knowledge, or reason to know, that the beneficiary is a Reportable Person, the Reporting Financial Institution must follow the procedures in paragraph B of Section III. A Reporting Financial Institution may treat a Financial Account that is a member's interest in a Group Cash Value Insurance Contract or Group Annuity Contract as a Financial Account that is not a Reportable Account until the date on which an amount is payable to the employee\/certificate holder or beneficiary, if the Financial Account that is a member's interest in a Group Cash Value Insurance Contract or Group Annuity Contract meets the following requirements: (i) the Group Cash Value Insurance Contract or Group Annuity Contract is issued to an employer and covers 25 or more employees\/certificate holders; (ii) the employee\/certificate holders are entitled to receive any contract value related to their interests and to name beneficiaries for the benefit payable upon the employee's death; and (iii) the aggregate amount payable to any employee\/certificate holder or beneficiary does not exceed USD 1,000,000. The term \u201cGroup Cash Value Insurance Contract\u201d means a Cash Value Insurance Contract that (i) provides coverage on individuals who are affiliated through an employer, trade association, labour union, or other association or group; and (ii) charges a premium for each member of the group (or member of a class within the group) that is determined without regard to the individual health characteristics other SCHEDULE Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) than age, gender, and smoking habits of the member (or class of members) of the group. The term \u201cGroup Annuity Contract\u201d means an Annuity Contract under which the obligees are individuals who are affiliated through an employer, trade association, labour union, or other association or group. C. Account Balance Aggregation and Currency Rules. 1. Aggregation of Individual Accounts. For purposes of determining the aggregate balance or value of Financial Accounts held by an individual, a Reporting Financial Institution is required to aggregate all Financial Accounts maintained by the Reporting Financial Institution, or by a Related Entity, but only to the extent that the Reporting Financial Institution\u2019s computerised systems link the Financial Accounts by reference to a data element such as client number or TIN, and allow account balances or values to be aggregated. Each holder of a jointly held Financial Account shall be attributed the entire balance or value of the jointly held Financial Account for purposes of applying the aggregation requirements described in this subparagraph. 2. Aggregation of Entity Accounts. For purposes of determining the aggregate balance or value of Financial Accounts held by an Entity, a Reporting Financial Institution is required to take into account all Financial Accounts that are maintained by the Reporting Financial Institution, or by a Related Entity, but only to the extent that the Reporting Financial Institution\u2019s computerised systems link the Financial Accounts by reference to a data element such as client number or TIN, and allow account balances or values to be aggregated. Each holder of a jointly held Financial Account shall be attributed the entire balance or value of the jointly held Financial Account for purposes of applying the aggregation requirements described in this subparagraph. 3. Special Aggregation Rule Applicable to Relationship Managers. For purposes of determining the aggregate balance or value of Financial Accounts held by a person to determine whether a Financial Account is a High Value Account, a Reporting Financial Institution is also required, in the case of any Financial Accounts that a relationship manager knows, or has reason to know, are directly or indirectly owned, controlled, or established (other than in a fiduciary capacity) by the same person, to aggregate all such accounts. 4. Amounts Read to Include Equivalent in Other Currencies. All dollar amounts are in US dollars and shall be read to include equivalent amounts in other currencies, as determined by domestic law. Section VIII: Defined Terms The following terms have the meanings set forth below: A. Reporting Financial Institution 1. The term \u201cReporting Financial Institution\u201d means any Participating Jurisdiction Financial Reporting Financial Institution that is not a Non- Reporting Financial Institution. Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) SCHEDULE 2. The term \u201cParticipating Jurisdiction Financial Institution\u201d means (i) any Financial Institution that is resident in a Participating Jurisdiction, but excludes any branch of that Financial Institution that is located outside such Participating Jurisdiction, and (ii) any branch of a Financial Institution that is not resident in a Participating Jurisdiction, if that branch is located in such Participating Jurisdiction. 3. The term \u201cFinancial Institution\u201d means a Custodial Institution, a Depository Institution, an Investment Entity, or a Specified Insurance Company. 4. The term \u201cCustodial Institution\u201d means any Entity that holds, as a substantial portion of its business, Financial Assets for the account of others. An Entity holds Financial Assets for the account of others as a substantial portion of its business if the Entity\u2019s gross income attributable to the holding of Financial Assets and related financial services equals or exceeds 20% of the Entity\u2019s gross income during the shorter of: (i) the three-year period that ends on 31 December (or the final day of a non-calendar year accounting period) prior to the year in which the determination is being made; or (ii) the period during which the Entity has been in existence. 5. The term \u201cDepository Institution\u201d means any Entity that accepts deposits in the ordinary course of a banking or similar business. 6. The term \u201cInvestment Entity\u201d means any Entity: a) that primarily conducts as a business one or more of the following activities or operations for or on behalf of a customer: i) trading in money market instruments (cheques, bills, certificates of deposit, derivatives, etc.); foreign exchange; exchange, interest rate and index instruments; transferable securities; or commodity futures trading; ii) individual and collective portfolio management; or iii) otherwise investing, administering, or managing Financial Assets or money on behalf of other persons; or b) the gross income of which is primarily attributable to investing, reinvesting, or trading in Financial Assets, if the Entity is managed by another Entity that is a Depository Institution, a Custodial Institution, a Specified Insurance Company, or an Investment Entity described in subparagraph A(6)(a). An Entity is treated as primarily conducting as a business one or more of the activities described in subparagraph A(6)(a), or an Entity\u2019s gross income is primarily attributable to investing, reinvesting, or trading in Financial Assets for purposes of subparagraph A(6)(b), if the Entity\u2019s gross income attributable to the relevant activities equals or exceeds 50% of the Entity\u2019s gross income during the shorter of: (i) the three-year period ending on 31 December of the year preceding the year in which the determination is made; or (ii) the period during which the Entity has been in existence. The term \u201cInvestment Entity\u201d SCHEDULE Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) does not include an Entity that is an Active NFE because it meets any of the criteria in subparagraphs D(9)(d) through (g). This paragraph shall be interpreted in a manner consistent with similar language set forth in the definition of \u201cfinancial institution\u201d in the Financial Action Task Force Recommendations. 7. The term \u201cFinancial Asset\u201d includes a security (for example, a share of stock in a corporation; partnership or beneficial ownership interest in a widely held or publicly traded partnership or trust; note, bond, debenture, or other evidence of indebtedness), partnership interest, commodity, swap (for example, interest rate swaps, currency swaps, basis swaps, interest rate caps, interest rate floors, commodity swaps, equity swaps, equity index swaps, and similar agreements), Insurance Contract or Annuity Contract, or any interest (including a futures or forward contract or option) in a security, partnership interest, commodity, swap, Insurance Contract, or Annuity Contract. The term \u201cFinancial Asset\u201d does not include a non-debt, direct interest in real property. 8. The term \u201cSpecified Insurance Company\u201d means any Entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract. B. Non-Reporting Financial Institution 1. The term \u201cNon-Reporting Financial Institution\u201d means any Financial Institution that is: a) a Governmental Entity, International Organisation or Central Bank, other than with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or Depository Institution; b) a Broad Participation Retirement Fund; a Narrow Participation Retirement Fund; a Pension Fund of a Governmental Entity, International Organisation or Central Bank; or a Qualified Credit Card Issuer; c) any other Entity that presents a low risk of being used to evade tax, has substantially similar characteristics to any of the Entities described in subparagraphs B(1)(a) and (b), and is defined in domestic law as a NonReporting Financial Institution, provided that the status of such Entity as a Non-Reporting Financial Institution does not frustrate the purposes of the Common Reporting Standard; d) an Exempt Collective Investment Vehicle; or e) a trust to the extent that the trustee of the trust is a Reporting Financial Institution and reports all information required to be reported pursuant to Section I with respect to all Reportable Accounts of the trust. 2. The term \u201cGovernmental Entity\u201d means the government of a jurisdiction, any political subdivision of a jurisdiction (which, for the avoidance of doubt, includes Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) SCHEDULE a state, province, county, or municipality), or any wholly owned agency or instrumentality of a jurisdiction or of any one or more of the foregoing (each, a \u201cGovernmental Entity\u201d). This category is comprised of the integral parts, controlled entities, and political subdivisions of a jurisdiction. a) An \u201cintegral part\u201d of a jurisdiction means any person, organisation, agency, bureau, fund, instrumentality, or other body, however designated, that constitutes a governing authority of a jurisdiction. The net earnings of the governing authority must be credited to its own account or to other accounts of the jurisdiction, with no portion inuring to the benefit of any private person. An integral part does not include any individual who is a sovereign, official, or administrator acting in a private or personal capacity. b) A controlled entity means an Entity that is separate in form from the jurisdiction or that otherwise constitutes a separate juridical entity, provided that: i) the Entity is wholly owned and controlled by one or more Governmental Entities directly or through one or more controlled entities; ii) the Entity\u2019s net earnings are credited to its own account or to the accounts of one or more Governmental Entities, with no portion of its income inuring to the benefit of any private person; and iii) the Entity\u2019s assets vest in one or more Governmental Entities upon dissolution. c) Income does not inure to the benefit of private persons if such persons are the intended beneficiaries of a governmental programme, and the programme activities are performed for the general public with respect to the common welfare or relate to the administration of some phase of government. Notwithstanding the foregoing, however, income is considered to inure to the benefit of private persons if the income is derived from the use of a governmental entity to conduct a commercial business, such as a commercial banking business, that provides financial services to private persons. 3. The term \u201cInternational Organisation\u201d means any international organisation or wholly owned agency or instrumentality thereof. This category includes any intergovernmental organisation (including a supranational organisation) (1) that is comprised primarily of governments; (2) that has in effect a headquarters or substantially similar agreement with the jurisdiction; and (3) the income of which does not inure to the benefit of private persons. 4. The term \u201cCentral Bank\u201d means an institution that is by law or government sanction the principal authority, other than the government of the jurisdiction itself, issuing instruments intended to circulate as currency. Such an institution may include an instrumentality that is separate from the government of the SCHEDULE Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) jurisdiction, whether or not owned in whole or in part by the jurisdiction. 5. The term \u201cBroad Participation Retirement Fund\u201d means a fund established to provide retirement, disability, or death benefits, or any combination thereof, to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that the fund: a) does not have a single beneficiary with a right to more than five per cent of the fund\u2019s assets; b) is subject to government regulation and provides information reporting to the tax authorities; and c) satisfies at least one of the following requirements: i) the fund is generally exempt from tax on investment income, or taxation of such income is deferred or taxed at a reduced rate, due to its status as a retirement or pension plan; ii) the fund receives at least 50% of its total contributions (other than transfers of assets from other plans described in subparagraphs B(5) through (7) or from retirement and pension accounts described in subparagraph C(17)(a)) from the sponsoring employers; iii) distributions or withdrawals from the fund are allowed only upon the occurrence of specified events related to retirement, disability, or death (except rollover distributions to other retirement funds described in subparagraphs B(5) through (7) or retirement and pension accounts described in subparagraph C(17)(a)), or penalties apply to distributions or withdrawals made before such specified events; or iv) contributions (other than certain permitted make-up contributions) by employees to the fund are limited by reference to earned income of the employee or may not exceed USD 50,000 annually, applying the rules set forth in paragraph C of Section VII for account aggregation and currency translation. 6. The term \u201cNarrow Participation Retirement Fund\u201d means a fund established to provide retirement, disability, or death benefits to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that: a) the fund has fewer than 50 participants; b) the fund is sponsored by one or more employers that are not Investment Entities or Passive NFEs; c) the employee and employer contributions to the fund (other than transfers of assets from retirement and pension accounts described in subparagraph Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) SCHEDULE C(17)(a)) are limited by reference to earned income and compensation of the employee, respectively; d) participants that are not residents of the jurisdiction in which the fund is established are not entitled to more than 20% of the fund\u2019s assets; and e) the fund is subject to government regulation and provides information reporting to the tax authorities. 7. The term \u201cPension Fund of a Governmental Entity, International Organisation or Central Bank\u201d means a fund established by a Governmental Entity, International Organisation or Central Bank to provide retirement, disability, or death benefits to beneficiaries or participants that are current or former employees (or persons designated by such employees), or that are not current or former employees, if the benefits provided to such beneficiaries or participants are in consideration of personal services performed for the Governmental Entity, International Organisation or Central Bank. 8. The term \u201cQualified Credit Card Issuer\u201d means a Financial Institution satisfying the following requirements: a) the Financial Institution is a Financial Institution solely because it is an issuer of credit cards that accepts deposits only when a customer makes a payment in excess of a balance due with respect to the card and the overpayment is not immediately returned to the customer; and b) beginning on or before 1 January 2016, the Financial Institution implements policies and procedures either to prevent a customer from making an overpayment in excess of USD 50,000, or to ensure that any customer overpayment in excess of USD 50,000 is refunded to the customer within 60 days, in each case applying the rules set forth in paragraph C of Section VII for account aggregation and currency translation. For this purpose, a customer overpayment does not refer to credit balances to the extent of disputed charges but does include credit balances resulting from merchandise returns. 9. The term \u201cExempt Collective Investment Vehicle\u201d means an Investment Entity that is regulated as a collective investment vehicle, provided that all of the interests in the collective investment vehicle are held by or through individuals or Entities that are not Reportable Persons, except a Passive NFE with Controlling Persons who are Reportable Persons. C. Financial Account 1. The term \u201cFinancial Account\u201d means an account maintained by a Financial Institution, and includes a Depository Account, a Custodial Account and: a) in the case of an Investment Entity, any equity or debt interest in the Financial Institution. Notwithstanding the foregoing, the term \u201cFinancial Account\u201d does not include any equity or debt interest in an Entity that is an Investment Entity solely because it (i) renders investment advice to, and acts on behalf of, or (ii) manages portfolios for, and acts on behalf of, a SCHEDULE Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) customer for the purpose of investing, managing, or administering Financial Assets deposited in the name of the customer with a Financial Institution other than such Entity; b) in the case of a Financial Institution not described in subparagraph C(1)(a), any equity or debt interest in the Financial Institution, if the class of interests was established with a purpose of avoiding reporting in accordance with Section I; and c) any Cash Value Insurance Contract and any Annuity Contract issued or maintained by a Financial Institution, other than a noninvestment-linked, non-transferable immediate life annuity that is issued to an individual and monetises a pension or disability benefit provided under an account that is an Excluded Account. The term \u201cFinancial Account\u201d does not include any account that is an Excluded Account. 2. The term \u201cDepository Account\u201d includes any commercial, checking, savings, time, or thrift account, or an account that is evidenced by a certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument maintained by a Financial Institution in the ordinary course of a banking or similar business. A Depository Account also includes an amount held by an insurance company pursuant to a guaranteed investment contract or similar agreement to pay or credit interest thereon. 3. The term \u201cCustodial Account\u201d means an account (other than an Insurance Contract or Annuity Contract) that holds one or more Financial Assets for the benefit of another person. 4. The term \u201cEquity Interest\u201d means, in the case of a partnership that is a Financial Institution, either a capital or profits interest in the partnership. In the case of a trust that is a Financial Institution, an Equity Interest is considered to be held by any person treated as a settlor or beneficiary of all or a portion of the trust, or any other natural person exercising ultimate effective control over the trust. A Reportable Person will be treated as being a beneficiary of a trust if such Reportable Person has the right to receive directly or indirectly (for example, through a nominee) a mandatory distribution or may receive, directly or indirectly, a discretionary distribution from the trust. 5. The term \u201cInsurance Contract\u201d means a contract (other than an Annuity Contract) under which the issuer agrees to pay an amount upon the occurrence of a specified contingency involving mortality, morbidity, accident, liability, or property risk. 6. The term \u201cAnnuity Contract\u201d means a contract under which the issuer agrees to make payments for a period of time determined in whole or in part by reference to the life expectancy of one or more individuals. The term also includes a contract that is considered to be an Annuity Contract in accordance with the law, regulation, or practice of the jurisdiction in which the contract was issued, and under which the issuer agrees to make payments for a term of years. Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) SCHEDULE 7. The term \u201cCash Value Insurance Contract\u201d means an Insurance Contract (other than an indemnity reinsurance contract between two insurance companies) that has a Cash Value. 8. The term \u201cCash Value\u201d means the greater of (i) the amount that the policyholder is entitled to receive upon surrender or termination of the contract (determined without reduction for any surrender charge or policy loan), and (ii) the amount the policyholder can borrow under or with regard to the contract. Notwithstanding the foregoing, the term \u201cCash Value\u201d does not include an amount payable under an Insurance Contract: a) solely by reason of the death of an individual insured under a life insurance contract; b) as a personal injury or sickness benefit or other benefit providing indemnification of an economic loss incurred upon the occurrence of the event insured against; c) as a refund of a previously paid premium (less cost of insurance charges whether or not actually imposed) under an Insurance Contract (other than an investment-linked life insurance or annuity contract) due to cancellation or termination of the contract, decrease in risk exposure during the effective period of the contract, or arising from the correction of a posting or similar error with regard to the premium for the contract; d) as a policyholder dividend (other than a termination dividend) provided that the dividend relates to an Insurance Contract under which the only benefits payable are described in subparagraph C(8)(b); or e) as a return of an advance premium or premium deposit for an Insurance Contract for which the premium is payable at least annually if the amount of the advance premium or premium deposit does not exceed the next annual premium that will be payable under the contract. 9. The term \u201cPre-existing Account\u201d means: a) a Financial Account maintained by a Reporting Financial Institution as of 31 December 2015; b) any Financial Account of an Account Holder, regardless of the date such Financial Account was opened, if: i) the Account Holder also holds with the Reporting Financial Institution (or with a Related Entity within the same jurisdiction as the Reporting Financial Institution) a Financial Account that is a Preexisting Account under subparagraph C(9)(a); ii) the Reporting Financial Institution (and, as applicable, the Related Entity within the same jurisdiction as the Reporting Financial Institution) treats both of the aforementioned Financial Accounts, and any other Financial Accounts of the Account Holder that are treated as Pre-existing Accounts under point (b), as a single Financial SCHEDULE Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) Account for purposes of satisfying the standards of knowledge requirements set forth in paragraph A of Section VII, and for purposes of determining the balance or value of any of the Financial Accounts when applying any of the account thresholds; iii) with respect to a Financial Account that is subject to AML\/KYC Procedures, the Reporting Financial Institution is permitted to satisfy such AML\/KYC Procedures for the Financial Account by relying upon the AML\/KYC Procedures performed for the Pre-existing Account described in subparagraph C(9)(a); and iv) the opening of the Financial Account does not require the provision of new, additional or amended customer information by the Account Holder other than for the purposes of the CRS. 10. The term \u201cNew Account\u201d means a Financial Account maintained by a Reporting Financial Institution opened on or after 1 January 2016. 11. The term \u201cPre-existing Individual Account\u201d means a Pre-existing Account held by one or more individuals. 12. The term \u201cNew Individual Account\u201d means a New Account held by one or more individuals. 13. The term \u201cPre-existing Entity Account\u201d means a Pre-existing Account held by one or more Entities. 14. The term \u201cLower Value Account\u201d means a Pre-existing Individual Account with an aggregate balance or value as of 31 December 2015 that does not exceed USD 1,000,000. 15. The term \u201cHigh Value Account\u201d means a Pre-existing Individual Account with an aggregate balance or value that exceeds USD 1,000,000 as of 31 December 2015 or 31 December of any subsequent year. 16. The term \u201cNew Entity Account\u201d means a New Account held by one or more Entities. 17. The term \u201cExcluded Account\u201d means any of the following accounts: a) a retirement or pension account that satisfies the following requirements: i) the account is subject to regulation as a personal retirement account or is part of a registered or regulated retirement or pension plan for the provision of retirement or pension benefits (including disability or death benefits); ii) the account is tax-favoured (i.e. contributions to the account that would otherwise be subject to tax are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate); iii) information reporting is required to the tax authorities with respect to the account; Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) SCHEDULE iv) withdrawals are conditioned on reaching a specified retirement age, disability, or death, or penalties apply to withdrawals made before such specified events; and v) either (i) annual contributions are limited to USD 50,000 or less, or (ii) there is a maximum lifetime contribution limit to the account of USD 1,000,000 or less, in each case applying the rules set forth in paragraph C of Section VII for account aggregation and currency translation. A Financial Account that otherwise satisfies the requirement of subparagraph C(17)(a)(v) will not fail to satisfy such requirement solely because such Financial Account may receive assets or funds transferred from one or more Financial Accounts that meet the requirements of subparagraph C(17)(a) or (b) or from one or more retirement or pension funds that meet the requirements of any of subparagraphs B(5) through (7). b) an account that satisfies the following requirements: i) the account is subject to regulation as an investment vehicle for purposes other than for retirement and is regularly traded on an established securities market, or the account is subject to regulation as a savings vehicle for purposes other than for retirement; ii) the account is tax-favoured (i.e. contributions to the account that would otherwise be subject to tax are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate); iii) withdrawals are conditioned on meeting specific criteria related to the purpose of the investment or savings account (for example, the provision of educational or medical benefits), or penalties apply to withdrawals made before such criteria are met; and iv) annual contributions are limited to USD 50,000 or less, applying the rules set forth in paragraph C of Section VII for account aggregation and currency translation. A Financial Account that otherwise satisfies the requirement of subparagraph C(17)(b)(iv) will not fail to satisfy such requirement solely because such Financial Account may receive assets or funds transferred from one or more Financial Accounts that meet the requirements of subparagraph C(17)(a) or (b) or from one or more retirement or pension funds that meet the requirements of any of subparagraphs B(5) through (7). SCHEDULE Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) c) a life insurance contract with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements: i) periodic premiums, which do not decrease over time, are payable at least annually during the period the contract is in existence or until the insured attains age 90, whichever is shorter; ii) the contract has no contract value that any person can access (by withdrawal, loan, or otherwise) without terminating the contract; iii) the amount (other than a death benefit) payable upon cancellation or termination of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract\u2019s existence and any amounts paid prior to the cancellation or termination of the contract; and iv) the contract is not held by a transferee for value. d) an account that is held solely by an estate if the documentation for such account includes a copy of the deceased\u2019s will or death certificate. e) an account established in connection with any of the following: i) a court order or judgment. ii) a sale, exchange, or lease of real or personal property, provided that the account satisfies the following requirements: (i) the account is funded solely with a down payment, earnest money, deposit in an amount appropriate to secure an obligation directly related to the transaction, or a similar payment, or is funded with a Financial Asset that is deposited in the account in connection with the sale, exchange, or lease of the property; (ii) the account is established and used solely to secure the obligation of the purchaser to pay the purchase price for the property, the seller to pay any contingent liability, or the lessor or lessee to pay for any damages relating to the leased property as agreed under the lease; (iii) the assets of the account, including the income earned thereon, will be paid or otherwise distributed for the benefit of the purchaser, seller, lessor, or lessee(including to satisfy such person\u2019s obligation) when the property is sold, exchanged, or surrendered, or the lease terminates; (iv) the account is not a margin or similar account established in connection with a sale or exchange of a Financial Asset; and (v) the account is not associated with an account described in subparagraph C(17)(f ). Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) SCHEDULE iii) an obligation of a Financial Institution servicing a loan secured by real property to set aside a portion of a payment solely to facilitate the payment of taxes or insurance related to the real property at a later time. iv) an obligation of a Financial Institution solely to facilitate the payment of taxes at a later time. f) a Depository Account that satisfies the following requirements: i) the account exists solely because a customer makes a payment in excess of a balance due with respect to a credit card or other revolving credit facility and the overpayment is not immediately returned to the customer; and ii) beginning on or before 1 January 2016, the Financial Institution implements policies and procedures either to prevent a customer from making an overpayment in excess of USD 50,000, or to ensure that any customer overpayment in excess of USD 50,000 is refunded to the customer within 60 days, in each case applying the rules set forth in paragraph C of Section VII for currency translation. For this purpose, a customer overpayment does not refer to credit balances to the extent of disputed charges but does include credit balances resulting from merchandise returns. g) any other account that presents a low risk of being used to evade tax, has substantially similar characteristics to any of the accounts described in subparagraphs C(17)(a) through (f ), and is defined in domestic law as an Excluded Account, provided that the status of such account as an Excluded Account does not frustrate the purposes of the Common Reporting Standard. D. Reportable Account 1. The term \u201cReportable Account\u201d means an account held by one or more Reportable Persons or by a Passive NFE with one or more Controlling Persons that is a Reportable Person, provided it has been identified as such pursuant to the due diligence procedures described in Sections II through VII. 2. The term \u201cReportable Person\u201d means a Reportable Jurisdiction Person other than: (i) a corporation the stock of which is regularly traded on one or more established securities markets; (ii) any corporation that is a Related Entity of a corporation described in clause (i); (iii) a Governmental Entity; (iv) an International Organisation; (v) a Central Bank; or (vi) a Financial Institution. 3. The term \u201cReportable Jurisdiction Person\u201d means an individual or Entity that is resident in a Reportable Jurisdiction under the tax laws of such jurisdiction, or an estate of a decedent that was a resident of a Reportable Jurisdiction. For this purpose, an Entity such as a partnership, limited liability partnership or similar legal arrangement that has no residence for tax purposes shall be treated as resident in the jurisdiction in which its place of effective management is SCHEDULE Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) situated. 4. The term \u201cReportable Jurisdiction\u201d means a jurisdiction (i) with which an agreement is in place pursuant to which there is an obligation in place to provide the information specified in Section I, and (ii) which is identified in a published list. 5. The term \u201cParticipating Jurisdiction\u201d means a jurisdiction (i) with which an agreement is in place pursuant to which it will provide the information specified in Section I, and (ii) which is identified in a published list. 6. The term \u201cControlling Persons\u201d means the natural persons who exercise control over an Entity. In the case of a trust, such term means the settlor(s), the trustee(s), the protector(s) (if any), the beneficiary(ies) or class(es) of beneficiaries, and any other natural person(s) exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term means persons in equivalent or similar positions. The term \u201cControlling Persons\u201d must be interpreted in a manner consistent with the Financial Action Task Force Recommendations. 7. The term \u201cNFE\u201d means any Entity that is not a Financial Institution. 8. The term \u201cPassive NFE\u201d means any: (i) NFE that is not an Active NFE; or (ii) an Investment Entity described in subparagraph A(6)(b) that is not a Participating Jurisdiction Financial Institution. 9. The term \u201cActive NFE\u201d means any NFE that meets any of the following criteria: a) less than 50% of the NFE\u2019s gross income for the preceding calendar year or other appropriate reporting period is passive income and less than 50% of the assets held by the NFE during the preceding calendar year or other appropriate reporting period are assets that produce or are held for the production of passive income; b) the stock of the NFE is regularly traded on an established securities market or the NFE is a Related Entity of an Entity the stock of which is regularly traded on an established securities market; c) the NFE is a Governmental Entity, an International Organisation, a Central Bank, or an Entity wholly owned by one or more of the foregoing; d) substantially all of the activities of the NFE consist of holding (in whole or in part) the outstanding stock of, or providing financing and services to, one or more subsidiaries that engage in trades or businesses other than the business of a Financial Institution, except that an Entity does not qualify for this status if the Entity functions (or holds itself out) as an investment fund, such as a private equity fund, venture capital fund, leveraged buyout fund, or any investment vehicle whose purpose is to acquire or fund companies and then hold interests in those companies as capital assets for investment purposes; Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) SCHEDULE e) the NFE is not yet operating a business and has no prior operating history, but is investing capital into assets with the intent to operate a business other than that of a Financial Institution, provided that the NFE does not qualify for this exception after the date that is 24 months after the date of the initial organisation of the NFE; f) the NFE was not a Financial Institution in the past five years, and is in the process of liquidating its assets or is reorganising with the intent to continue or recommence operations in a business other than that of a Financial Institution; g) the NFE primarily engages in financing and hedging transactions with, or for, Related Entities that are not Financial Institutions, and does not provide financing or hedging services to any Entity that is not a Related Entity, provided that the group of any such Related Entities is primarily engaged in a business other than that of a Financial Institution; or h) the NFE meets all of the following requirements: i) it is established and operated in its jurisdiction of residence exclusively for religious, charitable, scientific, artistic, cultural, athletic, or educational purposes; or it is established and operated in its jurisdiction of residence and it is a professional organisation, business league, chamber of commerce, labour organisation, agricultural or horticultural organisation, civic league or an organisation operated exclusively for the promotion of social welfare; ii) it is exempt from income tax in its jurisdiction of residence; iii) it has no shareholders or members who have a proprietary or beneficial interest in its income or assets; iv) the applicable laws of the NFE\u2019s jurisdiction of residence or the NFE\u2019s formation documents do not permit any income or assets of the NFE to be distributed to, or applied for the benefit of, a private person or non- charitable Entity other than pursuant to the conduct of the NFE\u2019s charitable activities, or as payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the NFE has purchased; and v) the applicable laws of the NFE\u2019s jurisdiction of residence or the NFE\u2019s formation documents require that, upon the NFE\u2019s liquidation or dissolution, all of its assets be distributed to a Governmental Entity or other non-profit organisation, or escheat to the government of the NFE\u2019s jurisdiction of residence or any political subdivision thereof. E. Miscellaneous 1. The term \u201cAccount Holder\u201d means the person listed or identified as the holder of a Financial Account by the Financial Institution that maintains the account. SCHEDULE Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) A person, other than a Financial Institution, holding a Financial Account for the benefit or account of another person as agent, custodian, nominee, signatory, investment advisor, or intermediary, is not treated as holding the account for purposes of the Common Reporting Standard, and such other person is treated as holding the account. In the case of a Cash Value Insurance Contract or an Annuity Contract, the Account Holder is any person entitled to access the Cash Value or change the beneficiary of the contract. If no person can access the Cash Value or change the beneficiary, the Account Holder is any person named as the owner in the contract and any person with a vested entitlement to payment under the terms of the contract. Upon the maturity of a Cash Value Insurance Contract or an Annuity Contract, each person entitled to receive a payment under the contract is treated as an Account Holder. 2. The term \u201cAML\/KYC Procedures\u201d means the customer due diligence procedures of a Reporting Financial Institution pursuant to the anti-money laundering or similar requirements to which such Reporting Financial Institution is subject. 3. The term \u201cEntity\u201d means a legal person or a legal arrangement, such as a corporation, partnership, trust, or foundation. 4. An Entity is a \u201cRelated Entity\u201d of another Entity if (i) either Entity controls the other Entity; (ii) the two Entities are under common control; or (iii) the two Entities are Investment Entities described in subparagraph A(6)(b), are under common management, and such management fulfils the due diligence obligations of such Investment Entities. For this purpose control includes direct or indirect ownership of more than 50 % of the vote and value in an Entity. 5. The term \u201cTIN\u201d means Taxpayer Identification Number (or functional equivalent in the absence of a Taxpayer Identification Number). 6. The term \u201cDocumentary Evidence\u201d includes any of the following: a) a certificate of residence issued by an authorised government body (for example, a government or agency thereof, or a municipality) of the jurisdiction in which the payee claims to be a resident. b) with respect to an individual, any valid identification issued by an authorised government body (for example, a government or agency thereof, or a municipality), that includes the individual\u2019s name and is typically used for identification purposes. c) with respect to an Entity, any official documentation issued by an authorised government body (for example, a government or agency thereof, or a municipality) that includes the name of the Entity and either the address of its principal office in the jurisdiction in which it claims to be a resident or the jurisdiction in which the Entity was incorporated or organised. e) any audited financial statement, third-party credit report, bankruptcy filing, or securities regulator\u2019s report. Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) SCHEDULE With respect to a Pre-existing Entity Account, Reporting Financial Institutions may use as Documentary Evidence any classification in the Reporting Financial Institution's records with respect to the Account Holder that was determined based on a standardised industry coding system, that was recorded by the Reporting Financial Institution consistent with its normal business practices for purposes of AML\/KYC Procedures or another regulatory purposes (other than for tax purposes) and that was implemented by the Reporting Financial Institution prior to the date used to classify the Financial Account as a Pre-existing Account, provided that the Reporting Financial Institution does not know or does not have reason to know that such classification is incorrect or unreliable. The term \u201cstandardised industry coding system\u201d means a coding system used to classify establishments by business type for purposes other than tax purposes. 7. The term \u201cForeign Jurisdiction\u201d means any jurisdiction other than the jurisdiction of the Reporting Financial Institution. Section IX: Effective Implementation A. A jurisdiction must have rules and administrative procedures in place to ensure effective implementation of, and compliance with, the reporting and due diligence procedures set out above including: 1. rules to prevent any Financial Institutions, persons or intermediaries from adopting practices intended to circumvent the reporting and due diligence procedures; 2. rules requiring Reporting Financial Institutions to keep records of the steps undertaken and any evidence relied upon for the performance of the above procedures and adequate measures to obtain those records; 3. administrative procedures to verify Reporting Financial Institutions\u2019 compliance with the reporting and due diligence procedures; administrative procedures to follow up with a Reporting Financial Institution when undocumented accounts are reported; 4. administrative procedures to ensure that the Entities and accounts defined in domestic law as Non-Reporting Financial Institutions and Excluded Accounts continue to have a low risk of being used to evade tax; and 5. effective enforcement provisions to address non-compliance. SCHEDULE Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) Jurisdictions that are to be treated as Reportable Jurisdictions for the purposes of the Common Reporting Standard FOR REPORTS DUE IN 2017 ONWARDS Argentina Greenland Mexico Belgium Guernsey Montserrat Bulgaria Hungary Netherlands Colombia Iceland Norway Croatia India Poland Cyprus Ireland Portugal Czech Republic Isle of Man Romania Denmark Italy San Marino Estonia Jersey Seychelles Faroe Islands Korea Slovak Republic Finland Latvia Slovenia France Liechtenstein South Africa Germany Lithuania Spain Gibraltar Luxembourg Sweden Greece Malta United Kingdom FOR REPORTS DUE IN 2018 ONWARDS (IN ADDITION TO THE ABOVE) Andorra Cura\u00e7ao Panama Antigua and Barbuda Dominica Russian Federation Aruba Grenada Saint Kitts and Nevis Australia Hong Kong (China) Saint Lucia Austria Indonesia Saint Vincent and the Grenadines Azerbaijan Israel Samoa Barbados Japan Saudi Arabia Belize Lebanon Singapore Brazil Macau (China) Sint Maarten Brunei Darussalam Malaysia Switzerland Canada Mauritius Trinidad and Tobago Chile Monaco Turkey China New Zealand Uruguay Cook Islands Niue Vanuatu Costa Rica Pakistan FOR REPORTS DUE IN 2019 ONWARDS (IN ADDITION TO THE ABOVE) Ghana Kuwait FOR REPORTS DUE IN 2020 ONWARDS (IN ADDITION TO THE ABOVE) Ecuador Maldives Oman Kazakhstan Nigeria Peru Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) SCHEDULE Publication in consolidated and revised form authorised by the Cabinet this 5th day of January, 2021. Kim Bullings Clerk of the Cabinet Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision) ENDNOTES ENDNOTES Table of Legislation history: SL # Law # Legislation Commencement Gazette 56\/2020 Citation of Acts of Parliament Act, 2020 3-Dec-2020 LG89\/2020\/s1 9\/2020 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2020 20-Feb-2020 LG12\/2020\/s1 6a\/2020 Notice: Common Reporting Standard List of Reportable Jurisdictions 25-Feb-2020 GE14\/2020\/p1 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2018 Revision) 27-Mar-2018 GE25\/2018\/s9 79\/2016 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016 19-Dec-2016 G26\/2016\/s10 61\/2015 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 16-Oct-2015 GE80\/2015\/s1 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\"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/sl\/2015\/61\/eng@2021-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/sl\/2015\/61\/eng@2021-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations\", \"actNumber\": \"61 of 2015\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nTax Information Authority Act\n(2021 Revision)\n\nTAX INFORMATION AUTHORITY\n(INTERNATIONAL TAX COMPLIANCE)\n(COMMON REPORTING STANDARD)\nREGULATIONS\n(2021 Revision)\n\nSupplement No. 1 published with Legislation Gazette No. 18 of 25th February, 2021.\n\nPage 2\nRevised as at 31st December, 2020\nc\n\nPUBLISHING DETAILS\nRevised under the authority of the Law Revision Act (2020 Revision).\n\nThe Tax Information Authority (International Tax Compliance) (Common Reporting\nStandard) Regulations, 2015, made the 13th October, 2015 as amended by Law 56 of\n2020.\n\nConsolidated with \u2014\nThe Tax Information Authority (International Tax Compliance) (Common\nReporting Standard) (Amendment) Regulations, 2016, made 13th December, 2016\nThe Tax Information Authority (International Tax Compliance) (Common\nReporting Standard) (Amendment) Regulations, 2020, made 18th February, 2020\nNotice: Common Reporting Standard List of Reportable Jurisdictions.\n\nOriginally enacted \u2014\n\nLaw 56 of 2020-7th December, 2020.\n\nConsolidated and revised this 31st day of December, 2020.\n\nNote (not forming part of the Law): This revision replaces the 2018 Revision which\nshould now be discarded.\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nArrangement of Regulations\n\nc\nRevised as at 31st December, 2020\nPage 5\n\nCAYMAN ISLANDS\n\nTax Information Authority Act\n(2021 Revision)\nTAX INFORMATION AUTHORITY\n(INTERNATIONAL TAX COMPLIANCE)\n(COMMON REPORTING STANDARD)\nREGULATIONS\n(2021 Revision)\nArrangement of Regulations\nRegulation\nPage\nPART 1 \u2013 PRELIMINARY PROVISIONS\n1.\nCitation ......................................................................................................................................... 9\n2.\nDefinitions ..................................................................................................................................... 9\n3.\nRepealed .................................................................................................................................... 11\n4.\nRepealed .................................................................................................................................... 11\n5.\nCommon Reporting Standard commentary ................................................................................ 12\n5A.\nGuidelines ................................................................................................................................... 12\nPART 2 \u2013 APPLICATION OF THE COMMON REPORTING\nSTANDARD\n6.\nCommon Reporting Standard in force ........................................................................................ 12\n6A.\nRules for applying the standard .................................................................................................. 12\n7.\nRequired policies and procedures for Cayman Reporting Financial Institutions ........................ 13\n8.\nObligation of Cayman Financial Institutions to notify certain information ................................... 14\n9.\nObligation to make a return ........................................................................................................ 15\n10.\nRequirements for making returns ............................................................................................... 15\n\nArrangement of Regulations\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 6\nRevised as at 31st December, 2020\nc\n\n11.\nAppointment of Third Parties ..................................................................................................... 16\n12.\nAuthority\u2019s monitoring function ................................................................................................... 16\n13.\nAnti-avoidance ........................................................................................................................... 17\nPART 3 - OFFENCES\nGeneral offences and defence\n17\n14.\nOffence pertaining to false self certification ............................................................................... 17\n15.\nOffence to contravene Part 2 ..................................................................................................... 17\n16.\nInaccurate information offence ................................................................................................... 17\n17.\nOffence pertaining to access to confidential information ........................................................... 18\n18.\nTampering offence ..................................................................................................................... 18\n19.\nHindering offence ....................................................................................................................... 18\n20.\nReasonable excuse defence ...................................................................................................... 18\n\nCriminal liability of directors etc. of Cayman Financial Institutions\n19\n21.\nImputed offence ......................................................................................................................... 19\n\nPunishment\n19\n22.\nPunishment and criteria ............................................................................................................. 19\n23.\nProvisions pertaining to the Criminal Procedure Code .............................................................. 20\nPART 4 - COMPLIANCE\nAdministrative penalties and safeguards for them\n20\n24.\nPower to penalise ...................................................................................................................... 20\n25.\nCriteria for deciding penalty ....................................................................................................... 20\n26.\nLimitation period ......................................................................................................................... 21\n27.\nProtection against double jeopardy ............................................................................................ 21\n\nProcedure for imposing penalty\n21\n28.\nSteps required to impose penalty .............................................................................................. 21\n29.\nBreach notice for primary penalty .............................................................................................. 22\n30.\nConsidering representations and deciding primary penalty ....................................................... 22\n31.\nPenalty notice for all penalties ................................................................................................... 22\n\nAppeals\n23\n32.\nAppeal right ................................................................................................................................ 23\n33.\nAutomatic stay on appeal ........................................................................................................... 23\n34.\nAppeal hearing and outcome ..................................................................................................... 23\n\nInterest\n24\n35.\nInterest ....................................................................................................................................... 24\nPART 5 - MISCELLANEOUS\n36.\nConduct and mens rea of representatives ................................................................................. 24\n37.\nGiving of notices by Authority .................................................................................................... 26\n38.\nEvidentiary provisions ................................................................................................................ 26\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nArrangement of Regulations\n\nc\nRevised as at 31st December, 2020\nPage 7\n\nSCHEDULE\n29\nCOMMON STANDARD ON REPORTING AND DUE DILIGENCE FOR FINANCIAL\nACCOUNT INFORMATION\n29\nENDNOTES\n59\nTable of Legislation history: ................................................................................................................. 59\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nRegulation 1\n\nc\nRevised as at 31st December, 2020\nPage 9\n\nCAYMAN ISLANDS\n\nTax Information Authority Act\n(2021 Revision)\nTAX INFORMATION AUTHORITY\n(INTERNATIONAL TAX COMPLIANCE)\n(COMMON REPORTING STANDARD)\nREGULATIONS\n(2021 Revision)\n\nPART 1 \u2013 PRELIMINARY PROVISIONS\n1.\nCitation\n1.\nThese Regulations may be cited as the Tax Information Authority (International Tax\nCompliance) (Common Reporting Standard) Regulations (2021 Revision).\n2.\nDefinitions\n2.\n(1) In these Regulations \u2014\n\u201cappeal\u201d means an appeal under regulation 32 and any further appeals relating\nto the decision on such an appeal;\n\u201cAuthority\u201d means the Tax Information Authority designated under section 4\nof the Tax Information Authority Act (2021 Revision), or a person designated by\nthe Authority to act on behalf of the Authority;\n\u201cbreach notice\u201d means the notice mentioned in regulation 28(1)(a);\n\u201cCayman Financial Institution\u201d means \u2014\n\nRegulation 2\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 10\nRevised as at 31st December, 2020\nc\n\n(a) a Financial Institution resident in the Islands other than any of the\ninstitution\u2019s branches outside the Islands; and\n(b) a branch in the Islands of a Financial Institution not resident in the Islands;\n\u201cCayman Reporting Financial Institution\u201d means a Cayman Financial\nInstitution other than a Non-Reporting Financial Institution;\n\u201ccommentary\u201d means the commentary mentioned in regulation 5(1);\n\u201cCommon Reporting Standard\u201d means the standard for automatic exchange\nof financial account information developed by the Organisation for Economic\nCo-Operation and Development as amended from time to time by the\nOrganisation for Economic Co-operation and Development, set out in the\nSchedule;\n\u201ccompany\u201d means a company as defined under section 2 of the Companies Act\n(2021 Revision), a foreign company registered under that Act or an LLC;\n\u201ccontinuing penalty\u201d means the notice mentioned in regulation 24(2);\n\u201ccontravention\u201d, for a provision pertaining to an offence or a penalty, means\nthe contravention that constituted the offence or the act or omission to which the\npenalty relates;\n\u201cdesignated person\u201d means a person designated mentioned in the definition of\n\u201cAuthority\u201d;\n\u201celectronic address\u201d includes an email address and the address of a digital\nmailbox;\n\u201celectronic portal\u201d means the Authority\u2019s electronic portal for the automatic\nexchange of information;\n\u201cexempted limited partnership\u201d means an exempted limited partnership as\ndefined under section 2 of the Exempted Limited Partnership Act (2021\nRevision);\n\u201cgive\u201d, for a notice or information, includes to deliver, provide, send, transmit\nor make the notice or information;\n\u201cinaccurate\u201d means incomplete, incorrect or unreliable;\n\u201cinterest\u201d, for a provision about a penalty, means interest accrued or accruing\non the penalty under regulation 35;\n\u201climited partnership\u201d means a limited partnership registered under section 49\nof the Partnership Act (2013 Revision);\n\u201cLLC\u201d means a limited liability company as defined under section 2 of the\nLimited Liability Companies Act (2021 Revision);\n\u201cnotice\u201d means written information given, or to be given, electronically or by\nanother mode of communication;\n\u201cofficial website\u201d means \u2014\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nRegulation 3\n\nc\nRevised as at 31st December, 2020\nPage 11\n\n(a) the website of the Department for International Tax Cooperation;\n(b) any website of the Authority; or\n(c) another Government website about international tax cooperation;\n\u201cOrganisation for Economic Co-Operation and Development\u201d means the\nOrganisation for Economic Co-Operation and Development which was\nestablished by the Convention on the Organisation for Economic Co-operation\nand Development signed in Paris on 14th December, 1960;\n\u201cparty\u201d, for a provision about a penalty or proposed penalty, means the person\non whom the penalty has been imposed or is being considered to be imposed;\n\u201cpenalty\u201d means a penalty imposed under regulation 24, reconsidered under\nregulation 34(2)(b) or deemed under regulation 34(3);\n\u201cpenalty notice\u201d means the notice mentioned in regulation 28(1)(c);\n\u201cprimary penalty\u201d means the notice mentioned in regulation 24(1);\n\u201cprincipal point of contact\u201d, for a Cayman Financial Institution, means the\nperson most recently notified under regulation 8 as its principal point of contact;\n\u201crelevant scheduled Agreement\u201d means an agreement that permits the\nautomatic exchange of information for tax purposes and is set out in a Schedule\nto the Tax Information Authority Act (2021 Revision);\n\u201cresident in the Islands\u201d, for a Financial Institution, means \u2014\n(a) being incorporated or established in the Islands;\n(b) having in the Islands a place of effective management as defined under\nparagraph 109 of the commentary; or\n(c) being subject to financial supervision in the Islands;\n\u201creturn\u201d (other than in the Schedule) means a return required under\nregulation 9(1); and\n\u201cstayed\u201d, for a penalty or interest, means that they cannot be enforced because\nof the operation of regulation 30(1).\n(2) Subject to regulation 6A, definitions under the Common Reporting Standard\napply for these Regulations for terms not defined under regulation 2(1).\n3.\nRepealed\n3.\nRepealed by regulation 3 of the Tax Information Authority (International Tax\nCompliance) (Common Reporting Standard) (Amendment) Regulations, 2016.\n4.\nRepealed\n4.\nRepealed by regulation 3 of the Tax Information Authority (International Tax\nCompliance) (Common Reporting Standard) (Amendment) Regulations, 2016.\n\nRegulation 5\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 12\nRevised as at 31st December, 2020\nc\n\n5.\nCommon Reporting Standard commentary\n5.\n(1) For the purposes of these Regulations the Common Reporting Standard\ncommentary, which is any explanatory material made and published by the\nOrganisation for Economic Co-Operation and Development for the purpose of\nassisting with the interpretation of the Common Reporting Standard, is an\nintegral part of the Common Reporting Standard and accordingly applies for the\npurposes of the automatic exchange of financial account information under a\nrelevant scheduled Agreement.\n(2) Repealed by regulation 4 of the Tax Information Authority (International Tax\nCompliance) (Common Reporting Standard) (Amendment) Regulations, 2016.\n(3) The Authority shall at least once every calendar year publish by Notice in the\nGazette a list of Participating Jurisdictions for the purposes of the Common\nReporting Standard.\n5A.\nGuidelines\n5A. The Authority may issue guidelines for complying with Part 2, for using the\nelectronic portal, or both.\nPART 2 \u2013 APPLICATION OF THE COMMON REPORTING\nSTANDARD\n6.\nCommon Reporting Standard in force\n6.\nFor the purposes of the automatic exchange of financial account information under a\nrelevant scheduled Agreement the Common Reporting Standard comes into force in\nthe Islands on 1st January, 2016.\n6A.\nRules for applying the standard\n6A. (1) This regulation states rules for how a Cayman Financial Institution shall, under\nthis Part, apply the Common Reporting Standard.\n(2) A reference in the standard to a term as follows is to be read as a reference to\nthe following conversion \u2014\nTerm\nConversion\nA Financial Institution\nA Cayman Financial Institution\nA Reporting Financial Institution\nA Cayman Reporting Financial\nInstitution\nA reporting period or a calendar year\nor other appropriate reporting period\nA calendar year.\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nRegulation 7\n\nc\nRevised as at 31st December, 2020\nPage 13\n\n(3) Sections IID and 1X of the standard do not apply.\n(4) For paragraph 17(g) of the definition \u201cExcluded Account\u201d in Section VIIIC of\nthe standard, a Depository Account is defined as an Excluded Account if the\naccount \u2014\n(a) is a dormant account under section 4(1) of the Dormant Accounts Act\n(2011 Revision); and\n(b) has a balance of $1,000 or less.\n(5) An account balance with a negative value shall be treated as having a nil value.\n(6) If a balance or value of an account is denominated in a currency other than US\ndollars, a relevant US dollar threshold amount shall be translated into the other\ncurrency by reference to the spot rate of exchange on the date of the threshold\namount.\n7.\nRequired policies and procedures for Cayman Reporting Financial\nInstitutions\n7.\n(1) Each Cayman Reporting Financial Institution shall \u2014\n(a) establish and maintain written policies and procedures to comply with this\nPart; and\n(b) implement and comply with the policies and procedures.\n(2) Without limiting regulation 7(1), the policies and procedures shall \u2014\n(a)\nidentify each jurisdiction in which an Account Holder or a Controlling\nPerson is resident for income tax or corporation tax purposes or for the\npurpose of any tax imposed by the law of the jurisdiction that is of a similar\ncharacter to either of those taxes;\n(b) apply the due diligence procedures set out in the Common Reporting\nStandard; and\n(c) ensure that any information obtained in accordance with this Part or a\nrecord of the steps taken to comply with this Part in respect of a Financial\nAccount is kept for six years from the end of the year to which the\ninformation relates or during which the steps were taken.\n(3) A Cayman Reporting Financial Institution is deemed to have contravened the\npolicies and procedures relating to a self-certification or documentary evidence\n(the \u201cinstrument\u201d) if the institution \u2014\n(a) knows, or has reason to believe, the instrument is inaccurate in a material\nway for the policies and procedures; and\n(b) it makes a return that relies on the instrument\u2019s accuracy.\n\nRegulation 8\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 14\nRevised as at 31st December, 2020\nc\n\n8.\nObligation of Cayman Financial Institutions to notify certain information\n8.\n(1) Each Cayman Financial Institution, other than an exempted body, shall give the\nAuthority \u2014\n(a) a notice (an \u201cinformation notice\u201d) stating the required information about\nthe institution on or before \u2014\n(i)\n30th April 2017; or\n(ii) if an entity becomes a Cayman Financial Institution after that date,\nthe next 30th April after the entity became a Cayman Financial\nInstitution; and\n(b) if any of the required information so notified changes, a notice stating\ndetails of the change (a \u201cchange notice\u201d).\n(2) An information notice or change notice shall be given electronically in the way\nand in the form \u2014\n(a) posted on an official website, for the information of Cayman Financial\nInstitutions generally; or\n(b) stated in a notice given to any particular Cayman Financial Institution in\nquestion.\n(3) Also, a change notice for a Cayman Financial Institution\u2019s principal point of\ncontact can only be given by the person the institution has authorised for that\npurpose as most recently notified under an information notice or change notice.\n(4) In this regulation \u2014\n\u201cexempted body\u201d means \u2014\n(a) the Cayman Islands Monetary Authority under section 5(1) of the\nMonetary Authority Act (2020 Revision) (\u201cCIMA\u201d);\n(b) a Governmental Entity; or\n(c) a Pension Fund of CIMA or a Governmental Entity; and\n\u201crequired information\u201d, for a Cayman Financial Institution, means \u2014\n(a) the institution\u2019s name and any number given to it by the Authority as a\nFinancial Institution;\n(b) whether the institution is a Cayman Reporting Financial Institution or a\nNon-Reporting Financial Institution; and\n(c) if the institution is a Cayman Reporting Financial Institution, its type or\ntypes under paragraph B of Section VIII of the standard;\n(d) if the institution is a Non-Reporting Financial Institution, its classification\nunder paragraph A of Section VIII of the standard; and\n(e) the full name, address, business entity, position and contact details\n(including an electronic address) of \u2014\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nRegulation 9\n\nc\nRevised as at 31st December, 2020\nPage 15\n\n(i)\na person the institution has authorised to be its principal point of\ncontact for compliance with this Part; and\n(ii) except in circumstances specified by the Authority, another person\nthe institution has authorised to give change notices for its principal\npoint of contact.\n9.\nObligation to make a return\n9.\n(1) Each Cayman Reporting Financial Institution shall, for each calendar year \u2014\n(a) make a return to the Authority for each Reportable Account the institution\nmaintained during the year setting out the information required to be\nreported under the Common Reporting Standard; or\n(b) if the institution did not maintain any Reportable Account in any\nReportable Jurisdiction during the year, make a nil return,\nand provide to the Authority information reasonably required by the Authority\nto ensure effective implementation of, and compliance with, the reporting and\ndue diligence procedures in accordance with the Common Reporting Standard.\n(2) Repealed by regulation 9 of the Tax Information Authority (International Tax\nCompliance) (Common Reporting Standard) (Amendment) Regulations, 2016.\n(3) Repealed by regulation 9 of the Tax Information Authority (International Tax\nCompliance) (Common Reporting Standard) (Amendment) Regulations, 2016.\n(4) A Cayman Reporting Financial Institution shall make a return on or before 31st\nJuly of the year following the calendar year to which the return relates.\n(5) For the purposes of the information required to be reported under a relevant\nscheduled Agreement \u2014\n(a) a reference to the balance or value of an account includes a nil balance or\nvalue; and\n(b) a reference to paying an amount includes crediting an amount.\n10.\nRequirements for making returns\n10. (1) Returns can only be made in the form and manner specified through use of the\nelectronic portal.\n(2) The Authority shall notify Cayman Reporting Financial Institutions of the\nelectronic portal and its usage by \u2014\n(a) a post on an official website, for their information generally; or\n(b) a notice given to any particular Cayman Reporting Financial Institution in\nquestion.\n(3) Unless the contrary is proved, the Authority shall assume a return accepted by\nusing the electronic portal \u2014\n(a) has been made as required under regulation 10(1); or\n\nRegulation 11\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 16\nRevised as at 31st December, 2020\nc\n\n(b) was made \u2014\n(i)\nwhen the return was accepted by the portal;\n(ii) by whoever made the return by using the portal; and\n(iii) with the authority of the Cayman Reporting Financial Institution on\nwhose behalf the return purports to have been made.\n11.\nAppointment of Third Parties\n11. (1) A Cayman Financial Institution may appoint a person as the Cayman Financial\nInstitution\u2019s agent to carry out the duties and obligations imposed on the\nCayman Financial Institution by this Part.\n(2) If a Cayman Financial Institution makes an appointment under regulation 11(1),\nthe Cayman Financial Institution shall ensure that the Cayman Financial\nInstitution continues to have access to and is able to produce to the Authority\nrecords and documentary evidence used to identify and report on Reportable\nAccounts.\n(3) The Cayman Financial Institution is responsible for any failure of the person\nappointed under regulation 11(1) to satisfy the Cayman Financial Institution\u2019s\nobligations under this Part.\n12.\nAuthority\u2019s monitoring function\n12. (1) The Authority may by notice given to a Cayman Reporting Financial Institution,\nrequire the institution \u2014\n(a) within a time specified by the Authority, to provide to the Authority\ninformation, including a copy of a relevant book, document or other\nrecord, or of electronically stored information; or\n(b) at a time specified by the Authority, to make available to the Authority for\ninspection, a book, document or other record, or any electronically stored\ninformation,\nthat is in the institution\u2019s possession or under its control that the Authority\nreasonably requires to decide whether or not information the institution gave the\nAuthority was accurate.\n(2) If information the Authority wants or wants to inspect, is outside the Islands and\nthe Authority requires the institution to bring the information to the Islands, the\nAuthority shall specify a time that will enable the institution to bring the\ninformation to the Islands and the institution shall comply with the requirement\nof the Authority.\n(3) A Cayman Reporting Financial Institution shall retain for six years a book,\ndocument or other record, including any information stored by electronic means,\nthat relates to the information required to be reported to the Authority under this\nPart.\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nRegulation 13\n\nc\nRevised as at 31st December, 2020\nPage 17\n\n13.\nAnti-avoidance\n13. If a person enters into any arrangement, the main purpose or one of the main purposes\nof which is to avoid any obligation under this Part, the arrangement is deemed not to\nhave been entered into by the person and this Part is to have effect as if the\narrangement had never been in existence.\nPART 3 - OFFENCES\nGeneral offences and defence\n14.\nOffence pertaining to false self certification\n14. (1) A person commits an offence if \u2014\n(a) the person makes a self-certification that is false in a material particular\nfor the Common Reporting Standard; and\n(b) a Cayman Financial Institution is given the self-certification for any\npurpose for which the self-certification was made or purports to have been\nmade.\n(2) For regulation 14(1), it does not matter that \u2014\n(a) the self-certification was made outside the Islands;\n(b) the person did not know, or had no reason to know, that the selfcertification was false; or\n(c) the self-certification was given to the institution by someone else.\n(3) In this regulation \u2014\n\u201cmakes\u201d means to sign or otherwise positively affirm; and\n\u201cself-certification\u201d means information, whatever called, that performs or\npurports to perform a purpose of a self-certification under the Common\nReporting Standard.\n15.\nOffence to contravene Part 2\n15. A Cayman Financial Institution commits an offence if it contravenes any regulation\nin Part 2.\n16.\nInaccurate information offence\n16. A Cayman Financial Institution commits an offence if \u2014\n(a) in purported compliance with Part 2, the institution gives the Authority\ninformation that is materially inaccurate (the \u201cact\u201d); and\n(b) the institution \u2014\n\nRegulation 17\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 18\nRevised as at 31st December, 2020\nc\n\n(i)\nknew of the inaccuracy when the act was done;\n(ii) in doing the act, behaved fraudulently, intentionally, negligently or\nrecklessly;\n(iii) in doing the act, contravened its policies or procedures under\nregulation 7; or\n(iv) discovered the inaccuracy after doing the act, but did not tell the\nAuthority about the inaccuracy as soon as practicable after making\nthe discovery.\n17.\nOffence pertaining to access to confidential information\n17. A person commits an offence if \u2014\n(a) in purported compliance with Part 2, the person gives the Authority\ninformation that is materially inaccurate (\u201cthe act\u201d); and\n(b) the act was done intentionally to cause, or the person knew the act was\nlikely to cause, a contravention of section 20A of the Law.\n18.\nTampering offence\n18. A person commits an offence if the person \u2014\n(a) alters, destroys, mutilates, defaces, hides or removes information in a way\nthat causes the person or anyone else to contravene Part 2 in relation to the\ninformation; or\n(b) authorises,\nadvises\nor\ncounsels\nsomeone\nelse\nto\ncontravene\nregulation 18(a).\n19.\nHindering offence\n19. A person commits an offence if the person hinders the Authority in performing a\nfunction under these Regulations or under section 5 of the Act concerning the\nCommon Reporting Standard.\n20.\nReasonable excuse defence\n20. (1) It is a defence to a proceeding for an offence against this Part (other than against\nregulation 21) for the defendant to prove the defendant had a reasonable excuse.\n(2) However, neither insufficiency of funds nor reliance on an agent appointed\nunder regulation 11 (or anyone else) is a reasonable excuse.\n(3) If a defendant had a reasonable excuse for a contravention but the excuse has\nceased, the defendant is to be treated as having continued to have the excuse if\nthe contravention is remedied without unreasonable delay after the excuse\nceased.\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nRegulation 21\n\nc\nRevised as at 31st December, 2020\nPage 19\n\nCriminal liability of directors etc. of Cayman Financial Institutions\n21.\nImputed offence\n21. (1) If a Cayman Financial Institution commits an offence against this Part all of the\nfollowing of or relating to the institution are also guilty of that offence \u2014\n(a) if the institution is a body corporate, its directors, managers, secretaries\nand other similar officers to any such office, whatever called, and \u2014\n(i)\nif the institution is an LLC, its members; and\n(ii) if the institution is another type of company being managed by its\nmembers, its members; and\n(b) if the institution is a limited partnership or exempted limited partnership,\nits general partners and any of its limited partners who are participating in\nits management;\n(c) if the institution is any other type of partnership, its partners;\n(d) if the institution is a trust, its trustees; and\n(e) anyone else who, when the offence was committed was \u2014\n(i)\npurporting to act in a capacity or position mentioned in regulations\n21(1)(a) to (d); or\n(ii) otherwise a de facto decision maker for the institution.\n(2) However, it is a defence for the defendant to prove that the defendant exercised\nreasonable diligence to prevent the contravention.\nPunishment\n22.\nPunishment and criteria\n22. (1) A person who commits an offence against this Part is liable to a fine of \u2014\n(a) for the following, $50,000 \u2014\n(i)\nfor an offence by a body corporate; or\n(ii) for an offence by an individual who forms, or forms part of, an\nunincorporated Cayman Financial Institution; or\n(b) otherwise, $20,000.\n(2) In deciding the amount of the fine \u2014\n(a) regulation 25 applies as if a reference to a penalty were to the fine and a\nreference to the Authority were to the court; and\n(b) the court shall have regard to any penalty imposed for the contravention.\n\nRegulation 23\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 20\nRevised as at 31st December, 2020\nc\n\n23.\nProvisions pertaining to the Criminal Procedure Code\n23. (1) Regulation 22 applies despite sections 6(2) and 8 of the Criminal Procedure\nCode (2021 Revision).\n(2) Despite section 78 of that Code, regulation 26 applies for prosecutions for\noffences against this Part as if a reference in that paragraph to imposing a penalty\nwere a reference to a prosecution.\nPART 4 - COMPLIANCE\nAdministrative penalties and safeguards for them\n24.\nPower to penalise\n24. (1) Subject to complying with regulations 28 to 31, the Authority may impose a\npenalty of the following amount (a \u201cprimary penalty\u201d) for offences against\nPart 3 \u2014\n(a) for the following, $50,000 \u2014\n(i)\nfor an offence by a body corporate; or\n(ii) for an offence by an individual who forms, or forms part of, an\nunincorporated Cayman Financial Institution; or\n(b) otherwise, $20,000.\n(2) Also, if \u2014\n(a) a primary penalty has been imposed, which penalty has not been stayed;\n(b) the contravention has not been remedied; and\n(c) the party is capable of remedying the contravention,\nthe Authority may impose further penalties on the party of $100 for each day\nthe contravention continues (each a \u201ccontinuing penalty\u201d).\n(3) For regulation 24(2)(c), insufficiency of funds or reliance on an agent appointed\nunder regulation 11 (or anyone else) does not, of itself, make the party incapable\nof remedying the contravention.\n(4) A penalty becomes a debt owing by the party to the Crown thirty days after the\npenalty is imposed.\n25.\nCriteria for deciding penalty\n25. (1) In deciding whether to impose a penalty or its amount, the Authority shall\nconsider the following criteria in the following order of importance \u2014\n(a) the need to ensure strict compliance with, and to penalise and deter\ncontravention of, these Regulations;\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nRegulation 26\n\nc\nRevised as at 31st December, 2020\nPage 21\n\n(b) the nature, seriousness and consequences of the contravention;\n(c) the apparent degree of the party\u2019s inadvertence, intent or negligence in\ncommitting the contravention;\n(d) the party\u2019s conduct after becoming aware of the contravention, including,\nfor example \u2014\n(i)\nwhether and how quickly the party brought the contravention to the\nAuthority\u2019s attention; and\n(ii) the party\u2019s efforts to remedy the contravention or prevent its\nrecurrence; and\n(e) the party\u2019s history of compliance with the Common Reporting Standard,\nin the Islands or elsewhere, of which the Authority is aware.\n(2) The Authority may also consider other matters it reasonably considers are\nrelevant.\n(3) The criteria and matters prevail over any issue concerning the party\u2019s resources\nor ability to pay.\n26.\nLimitation period\n26. (1) The Authority cannot impose a primary penalty for an offence against regulation\n15 more than one year after becoming aware of the contravention.\n(2) The Authority cannot impose a primary penalty for another offence against this\nPart after the earlier of the following \u2014\n(a) one year after becoming aware of the contravention; or\n(b) six years after the contravention happened.\n(3) There is no limitation period for imposing a continuing penalty while all the\nconditions under regulation 24(2)(a), (b) and (c) continue to apply.\n27.\nProtection against double jeopardy\n27. A prosecution against a person for an offence (whether or not a conviction resulted)\nprecludes the imposition of a penalty against that person for the same offence, but not\nvice versa.\nProcedure for imposing penalty\n28.\nSteps required to impose penalty\n28. (1) The Authority can only impose a primary penalty by \u2014\n(a) giving the party a notice that complies with regulation 29 (a \u201cbreach\nnotice\u201d);\n(b) if regulation 30 applies, complying with that regulation; and\n\nRegulation 29\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 22\nRevised as at 31st December, 2020\nc\n\n(c) giving the party a notice that complies with regulation 31 (a \u201cpenalty\nnotice\u201d).\n(2) The Authority can only impose a continuing penalty by giving the party a\npenalty notice.\n(3) The same penalty notice may be given for two or more continuing penalties for\nthe same primary penalty\n29.\nBreach notice for primary penalty\n29. (1) A breach notice shall be dated and state \u2014\n(a) the party\u2019s name;\n(b) that the Authority proposes to impose a penalty on the party (the \u201cproposed\naction\u201d) for the offence it believes the party committed;\n(c) the facts and circumstances that the Authority believes constituted the\noffence;\n(d) the amount of the penalty the Authority proposes (the \u201cproposed amount\u201d);\nand\n(e) that the party may, within a period stated in the notice after receiving the\nnotice, make written representations to the Authority about the proposed\naction, the proposed amount, or both.\n(2) The stated period cannot end less than sixty days after the giving of the notice.\n30.\nConsidering representations and deciding primary penalty\n30. (1) This regulation applies only if a breach notice has been given for a penalty, the\nperiod stated in the notice has ended and the party has made representations as\nstated in the notice.\n(2) The Authority shall consider all matters raised in the representations concerning\nthe proposed action and the proposed amount mentioned in regulation 29(1) and\nreconsider the proposed action and, if relevant, the proposed amount.\n(3) The reconsideration need only be on the balance of probabilities.\n(4) The amount of a penalty imposed may be any amount not exceeding the\nproposed amount.\n31.\nPenalty notice for all penalties\n31. (1) A penalty notice shall be dated and state \u2014\n(a) the party\u2019s name;\n(b) that the Authority has imposed a penalty of a stated amount on the party;\n(c) if the penalty is a primary penalty, reasons for the decision to impose the\npenalty and for its amount;\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nRegulation 32\n\nc\nRevised as at 31st December, 2020\nPage 23\n\n(d) if the penalty is a continuing penalty, the date of the penalty notice for each\nrelevant primary penalty;\n(e) that the penalty will become a debt owing by the party to the Crown thirty\ndays after the notice has been given; and\n(f)\nthe substance of the party\u2019s appeal right.\n(2) The Authority may share information about a penalty (other than any reasons\nfor the decision stated in the relevant penalty notice) with other Government\nauthorities and regulators, both domestically and overseas.\nAppeals\n32.\nAppeal right\n32. (1) A party who has been given a penalty notice may appeal to a court against the\ndecision to impose the penalty, its amount, or both.\n(2) However, the appeal may be made only within sixty days after the party received\nthe notice, or any later period the court allows.\n33.\nAutomatic stay on appeal\n33. (1) The Authority cannot, without the court\u2019s leave, enforce the penalty the subject\nof an appeal or interest until the outcome of the appeal.\n(2) To avoid doubt, regulation 33(1) does not limit or otherwise affect any\nobligation of the party under Part 2.\n34.\nAppeal hearing and outcome\n34. (1) An appeal is by way of a rehearing de novo.\n(2) After hearing an appeal, the court may \u2014\n(a) affirm, set aside or vary the decision appealed against (the \u201coriginal\ndecision\u201d); or\n(b) set aside the original decision and remit the matter to the Authority for it\nto reconsider with directions the court considers fit.\n(3) The following applies if the court\u2019s decision is to affirm the original decision or\nto vary it in a way that a penalty is still imposed \u2014\n(a) the court\u2019s decision is (other than for regulations 28 and 32) deemed to\nhave always been the original decision;\n(b) the court may, at the Authority\u2019s request, issue a judgment against the\nparty for all or any part of the penalty that continues to be unpaid and for\ninterest; and\n\nRegulation 35\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 24\nRevised as at 31st December, 2020\nc\n\n(c) the request may be made during the appeal; when the court\u2019s decision is\nhanded down or at any later time on production of a certificate under\nregulation 38(3)(j).\n(4) If the court\u2019s decision is to set aside and not to remit, both the penalty and\ninterest are deemed to have never been owing.\nInterest\n35.\nInterest\n35. (1) Interest accrues on a penalty while all or any part of the penalty continues to be\nunpaid, starting on the day immediately after the penalty became owing under\nregulation 24(4) and ending on the day the penalty is paid in full, both days\ninclusive.\n(2) The interest accrues at daily rests and as compound interest.\n(3) The rate of the interest is the higher of the following \u2014\n(a) five percent; or\n(b) the average percentage of the annual consumer price index and inflation\nrates for the most recent three calendar years published by \u2014\n(i)\nthe Islands\u2019 Economics and Statistics Office (or any other similar\nbody) under the Statistics Act (2016 Revision); or\n(ii) if those rates cease to be published, the index that most closely\nperforms the functions of publishing the rates.\n(4) Payments relating to the penalty are to be applied to the interest first.\n(5) The interest is also a debt owing to the Crown.\n(6) The accruing of interest applies even if the penalty has been stayed, but is\nsubject to regulation 34(3) and (4).\nPART 5 - MISCELLANEOUS\n36.\nConduct and mens rea of representatives\n36. (1) This regulation applies for a decision by a body as follows if it is relevant to\nconsider whether or not a person (the \u201cprincipal\u201d) engaged in conduct or had a\nstate of mind about conduct, or both \u2014\n(a) the Authority deciding whether or not to impose a penalty or the amount\nof a penalty; and\n(b) a court hearing a civil or criminal proceeding (including an appeal) relating\nto Part 3 or 4.\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nRegulation 36\n\nc\nRevised as at 31st December, 2020\nPage 25\n\n(2) The principal is deemed to have engaged in the conduct if the Authority is\nsatisfied the conduct was vicarious, unless the principal proves \u2014\n(a) the principal was not in a position to prevent the conduct; or\n(b) if the principal was in such a position, the principal took reasonable steps\nto prevent the conduct.\n(3) The principal is deemed to have had the state of mind if the Authority is satisfied\nthe conduct was vicarious and the representative had the state of mind.\n(4) Satisfaction under regulation 36(2) or (3) need only be on the balance of\nprobabilities.\n(5) In this regulation \u2014\n\u201cengaging\u201d, in conduct, includes failing to engage in conduct;\n\u201crepresentative\u201d, of the principal, means any of the following of or relating to\nthe principal \u2014\n(a) a director, manager or other officer, whatever called, or an employee or\nother agent;\n(b) if the principal is an LLC, its members;\n(c) if the principal is another type of company being managed by its members,\nits members;\n(d) if the principal is a limited partnership or exempted limited partnership, its\ngeneral partners and any of its limited partners who, when the conduct took\nplace, were participating in its management;\n(e) if the principal is any other type of partnership, its partners;\n(f)\nif the principal is a trust, its trustees; or\n(g) anyone else who, when the conduct took place, was \u2014\n(i)\npurporting to act in a capacity or position mentioned in regulations\n36(5)(a) to (f); or\n(ii) otherwise a de facto decision maker for the principal; and\n\u201cstate of mind\u201d, of the principal or a representative, includes their \u2014\n(a) belief, intention, knowledge, opinion or purpose; and\n(b) reasons for the belief, intention, opinion or purpose; and\n\u201cvicarious\u201d, for conduct, means that it was engaged in by a representative of\nthe principal within the scope of the representative\u2019s actual or apparent authority\nfrom the principal.\n\nRegulation 37\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 26\nRevised as at 31st December, 2020\nc\n\n37.\nGiving of notices by Authority\n37. (1) The Authority may give a person (the \u201cperson concerned\u201d) a notice for any\npurpose of these Regulations to a particular electronic address if anyone as\nfollows has, from that address, electronically communicated with the Authority\nfor an official purpose \u2014\n(a) the person concerned;\n(b) another person who had, or had apparently, been, authorised by the person\nconcerned to communicate with the Authority for an official purpose;\n(c) the electronic agent, as defined under section 2 of the Electronic\nTransactions Act (2003 Revision), of the person concerned; and\n(d) if the person concerned is a Cayman Financial Institution, its principal\npoint of contact.\n(2) However, if there has been more than one such electronic address for a person\nmentioned in regulation 37(1)(a) to (d), the notice from the Authority can only\nbe given to the address that the person most recently used to communicate with\nthe Authority for an official purpose.\n(3) Without limiting regulation 37(1), if the person concerned is an individual, the\nAuthority may give the person a notice for any purpose of these Regulations in\nany way that, under section 18(4) of the Criminal Procedure Code (2021\nRevision), a summons may be served.\n(4) In this regulation \u2014\n\u201cofficial purpose\u201d means a purpose related to the Authority\u2019s functions under\nthe Act, these Regulations or other Regulations under the Act.\n38.\nEvidentiary provisions\n38. (1) This regulation applies for a civil or criminal proceeding (including an appeal)\nrelating to these Regulations or to enforce a penalty or interest.\n(2) A signature purporting to be the signature of a designated person is evidence of\nthe signature it purports to be.\n(3) A certificate signed, or purporting to be signed, by a designated person stating\nany of the following is evidence of that matter \u2014\n(a) that a stated document is a copy of a post on an official website under\nregulation 8 or 10 that appeared on the website on a stated day or during a\nstated period;\n(b) that a stated Cayman Financial Institution has not given a notice required\nunder regulation 8;\n(c) that a stated person was a stated Cayman Financial Institution\u2019s principal\npoint of contact at a stated time or during a stated period;\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nRegulation 38\n\nc\nRevised as at 31st December, 2020\nPage 27\n\n(d) when a stated Cayman Reporting Financial Institution made a return that\nwas accepted by use of the electronic portal (an \u201caccepted return\u201d);\n(e) that a stated document is a copy of an accepted return;\n(f)\nthat a stated Cayman Reporting Financial Institution has not made an\naccepted return for a stated calendar year;\n(g) that a stated document is a copy of a notice given under these Regulations\nto a stated person (the \u201cparty\u201d);\n(h) that an electronic address stated in a copy mentioned in regulation 38(3)(g)\nwas, when the party was given the notice, an electronic address for the\ngiving of notices to the party under regulation 37;\n(i)\nthat on a stated day the party was given the notice in a stated way; or\n(j)\nthat a penalty or interest of a stated amount is owing to the Crown by a\nstated person.\n(4) A certificate under regulation 38(3) is evidence of the matters it states.\n(5) For section 17 of the Electronic Transactions Act (2003 Revision), a certificate\nunder regulation 38(3)(i) is evidence that the notice was electronically given to\nthe recipient at the stated time.\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2020\nPage 29\n\n SCHEDULE\n(Regulation 2)\nCOMMON STANDARD ON REPORTING AND DUE DILIGENCE FOR\nFINANCIAL ACCOUNT INFORMATION\nSection I: General Reporting Requirements\nA. Subject to paragraphs C through E, each Reporting Financial Institution must report\nthe following information with respect to each Reportable Account of such Reporting\nFinancial Institution:\n1. the name, address, jurisdiction(s) of residence, TIN(s) and date and place of birth\n(in the case of an individual) of each Reportable Person that is an Account Holder\nof the account and, in the case of any Entity that is an Account Holder and that,\nafter application of the due diligence procedures consistent with Sections V, VI\nand VII, is identified as having one or more Controlling Persons that is a\nReportable Person, the name, address, jurisdiction(s) of residence and TIN(s) of\nthe Entity and the name, address, jurisdiction(s) of residence, TIN(s) and date\nand place of birth of each Reportable Person;\n2. the account number (or functional equivalent in the absence of an account\nnumber);\n3. the name and identifying number (if any) of the Reporting Financial Institution;\n4. the account balance or value (including, in the case of a Cash Value Insurance\nContract or Annuity Contract, the Cash Value or surrender value) as of the end\nof the relevant calendar year or other appropriate reporting period or, if the\naccount was closed during such year or period, the closure of the account;\n5. in the case of any Custodial Account:\na)\nthe total gross amount of interest, the total gross amount of dividends, and\nthe total gross amount of other income generated with respect to the assets\nheld in the account, in each case paid or credited to the account (or with\nrespect to the account) during the calendar year or other appropriate\nreporting period; and\nb)\nthe total gross proceeds from the sale or redemption of Financial Assets\npaid or credited to the account during the calendar year or other appropriate\nreporting period with respect to which the Reporting Financial Institution\nacted as a custodian, broker, nominee, or otherwise as an agent for the\nAccount Holder;\n6. in the case of any Depository Account, the total gross amount of interest paid or\ncredited to the account during the calendar year or other appropriate reporting\nperiod; and\n7. in the case of any account not described in subparagraph A(5) or (6), the total\ngross amount paid or credited to the Account Holder with respect to the account\n\nSCHEDULE\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 30\nRevised as at 31st December, 2020\nc\n\nduring the calendar year or other appropriate reporting period with respect to\nwhich the Reporting Financial Institution is the obligor or debtor, including the\naggregate amount of any redemption payments made to the Account Holder\nduring the calendar year or other appropriate reporting period.\nB. The information reported must identify the currency in which each amount is\ndenominated.\nC. Notwithstanding subparagraph A(1), with respect to each Reportable Account that is\na Pre-existing Account or with respect to each Financial Account that is opened prior\nto becoming a Reportable Account, the TIN(s) or date of birth is not required to be\nreported if such TIN(s) or date of birth is not in the records of the Reporting Financial\nInstitution and is not otherwise required to be collected by such Reporting Financial\nInstitution under domestic law. However, a Reporting Financial Institution is required\nto use reasonable efforts to obtain the TIN(s) and date of birth with respect to Preexisting Accounts by the end of the second calendar year following the year in which\nsuch Accounts were identified as Reportable Accounts.\nD. Notwithstanding subparagraph A(1), the TIN is not required to be reported if (i) a TIN\nis not issued by the relevant Reportable Jurisdiction or (ii) the domestic law of the\nrelevant Reportable Jurisdiction does not require the collection of the TIN issued by\nsuch Reportable Jurisdiction.\nE. Notwithstanding subparagraph A(1), the place of birth is not required to be reported\nunless the Reporting Financial Institution is otherwise required to obtain and report it\nunder domestic law and it is available in the electronically searchable data maintained\nby the Reporting Financial Institution.\n\nSection II: General Due Diligence Requirements\nA. An account is treated as a Reportable Account beginning as of the date it is identified\nas such pursuant to the due diligence procedures in Sections II through VII and, unless\notherwise provided, information with respect to a Reportable Account must be\nreported annually in the calendar year following the year to which the information\nrelates.\nB. A Reporting Financial Institution, which pursuant to the procedures described in\nSections II through VII, identifies any account as a Foreign Account that is not a\nReportable Account at the time the due diligence is performed, may rely on the\noutcome of such procedures to comply with future reporting obligations.\nC. The balance or value of an account is determined as of the last day of the calendar year\nor other appropriate reporting period.\nD. Where a balance or value threshold is to be determined as of the last day of a calendar\nyear, the relevant balance or value must be determined as of the last day of the\nreporting period that ends with or within that calendar year.\nE. Reporting Financial Institutions may apply the due diligence procedures for New\nAccounts to Pre-existing Accounts, and the due diligence procedures for High Value\nAccounts to Lower Value Accounts. Where New Account due diligence procedures\nare used for Pre-existing Accounts, the rules otherwise applicable to Pre-existing\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2020\nPage 31\n\nAccounts continue to apply.\n\nSection III: Due Diligence for Pre-existing Individual Accounts\nThe following procedures apply with respect to Pre-existing Individual Accounts.\nA. Accounts Not Required to be Reviewed, Identified, or Reported.\nA Pre-existing Individual Account that is a Cash Value Insurance Contract or an\nAnnuity Contract is not required to be reviewed, identified or reported, provided the\nReporting Financial Institution is effectively prevented by law from selling such\nContract to residents of a Reportable Jurisdiction.\nB. Lower Value Accounts. The following procedures apply with respect to Lower Value\nAccounts.\n1. Residence Address. If the Reporting Financial Institution has in its records a\ncurrent residence address for the individual Account Holder based on\nDocumentary Evidence, the Reporting Financial Institution may treat the\nindividual Account Holder as being a resident for tax purposes of the jurisdiction\nin which the address is located for purposes of determining whether such\nindividual Account Holder is a Reportable Person.\n2. Electronic Record Search. If the Reporting Financial Institution does not rely\non a current residence address for the individual Account Holder based on\nDocumentary Evidence as set forth in subparagraph B(1), the Reporting Financial\nInstitution must review electronically searchable data maintained by the\nReporting Financial Institution for any of the following indicia and apply\nsubparagraphs B(3) through (6):\na)\nidentification of the Account Holder as a resident of a Foreign Jurisdiction;\nb)\ncurrent mailing or residence address (including a post office box) in a\nForeign Jurisdiction;\nc)\none or more telephone numbers in a Foreign Jurisdiction and no telephone\nnumber in the jurisdiction of the Reporting Financial Institution;\nd)\nstanding instructions (other than with respect to a Depository Account) to\ntransfer funds to an account maintained in a Foreign Jurisdiction;\ne)\ncurrently effective power of attorney or signatory authority granted to a\nperson with an address in a Foreign Jurisdiction; or\nf)\na \u201chold mail\u201d instruction or \u201cin-care-of \u201d address in a Foreign Jurisdiction\nif the Reporting Financial Institution does not have any other address on\nfile for the Account Holder.\n3. If none of the indicia listed in subparagraph B(2) are discovered in the electronic\nsearch, then no further action is required until there is a change in circumstances\nthat results in one or more indicia being associated with the account, or the account\nbecomes a High Value Account.\n4. If any of the indicia listed in subparagraph B(2)(a) through (e) are discovered in\nthe electronic search, or if there is a change in circumstances that results in one or\n\nSCHEDULE\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 32\nRevised as at 31st December, 2020\nc\n\nmore indicia being associated with the account, then the Reporting Financial\nInstitution must treat the Account Holder as a resident for tax purposes of each\nForeign Jurisdiction for which an indicium is identified, unless it elects to apply\nsubparagraph B(6) and one of the exceptions in such subparagraph applies with\nrespect to that account.\n5. If a \u201chold mail\u201d instruction or \u201cin-care-of \u201d address is discovered in the electronic\nsearch and no other address and none of the other indicia listed in subparagraph\nB(2)(a) through (e) are identified for the Account Holder, the Reporting Financial\nInstitution must, in the order most appropriate to the circumstances, apply the\npaper record search described in subparagraph C(2), or seek to obtain from the\nAccount Holder a self-certification or Documentary Evidence to establish the\nresidence(s) for tax purposes of such Account Holder. If the paper search fails to\nestablish an indicium and the attempt to obtain the self-certification or\nDocumentary Evidence is not successful, the Reporting Financial Institution must\nreport the account as an undocumented account.\n6. Notwithstanding a finding of indicia under subparagraph B(2), a Reporting\nFinancial Institution is not required to treat an Account Holder as a resident of a\nForeign Jurisdiction if:\na)\nthe Account Holder information contains a current mailing or residence\naddress in the Foreign Jurisdiction, one or more telephone numbers in the\nForeign Jurisdiction (and no telephone number in the jurisdiction of the\nReporting Financial Institution) or standing instructions (with respect to\nFinancial Accounts other than Depository Accounts) to transfer funds to\nan account maintained in a Foreign Jurisdiction, the Reporting Financial\nInstitution obtains, or has previously reviewed and maintains a record of:\ni)\nA self-certification from the Account Holder of the jurisdiction(s) of\nresidence of such Account Holder that does not include such Foreign\nJurisdiction; and\nII)\nDocumentary evidence establishing the Account Holder\u2019s residence\nfor tax purposes other than such Foreign Jurisdiction.\nb)\nthe Account Holder information contains a currently effective power of\nattorney or signatory authority granted to a person with an address in a\nForeign Jurisdiction, the Reporting Financial Institution obtains, or has\npreviously reviewed and maintains a record of:\ni)\nA self-certification from the Account Holder of the jurisdiction(s) of\nresidence of such Account Holder that does not include such Foreign\nJurisdiction; or\nii)\nDocumentary evidence establishing the Account Holder\u2019s residence\nfor tax purposes other than such Foreign Jurisdiction.\nC. Enhanced Review Procedures for High Value Accounts. The following enhanced\nreview procedures apply with respect to High Value Accounts.\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2020\nPage 33\n\n1.\nElectronic Record Search. With respect to High Value Accounts, the Reporting\nFinancial Institution must review electronically searchable data maintained by the\nReporting Financial Institution for any of the indicia described in subparagraph\nB(2).\n2. Paper Record Search. If the Reporting Financial Institution\u2019s electronically\nsearchable databases include fields for, and capture all of the information\ndescribed in, subparagraph C(3), then a further paper record search is not\nrequired. If the electronic databases do not capture all of this information, then\nwith respect to a High Value Account, the Reporting Financial Institution must\nalso review the current customer master file and, to the extent not contained in\nthe current customer master file, the following documents associated with the\naccount and obtained by the Reporting Financial Institution within the last five\nyears for any of the indicia described in subparagraph B(2):\na)\nthe most recent Documentary Evidence collected with respect to the\naccount;\nb)\nthe most recent account opening contract or documentation;\nc)\nthe most recent documentation obtained by the Reporting Financial\nInstitution pursuant to AML\/KYC Procedures or for other regulatory\npurposes;\nd)\nany power of attorney or signature authority forms currently in effect; and\ne)\nany standing instructions (other than with respect to a Depository Account)\nto transfer funds currently in effect.\n3.\nException To The Extent Databases Contain Sufficient Information. A\nReporting Financial Institution is not required to perform the paper record search\ndescribed in subparagraph C(2) to the extent the Reporting Financial Institution\u2019s\nelectronically searchable information includes the following:\na)\nthe Account Holder\u2019s residence status;\nb)\nthe Account Holder\u2019s residence address and mailing address currently on\nfile with the Reporting Financial Institution;\nc)\nthe Account Holder\u2019s telephone number(s) currently on file, if any, with\nthe Reporting Financial Institution;\nd)\nin the case of Financial Accounts other than Depository Accounts, whether\nthere are standing instructions to transfer funds in the account to another\naccount (including an account at another branch of the Reporting Financial\nInstitution or another Financial Institution);\ne)\nwhether there is a current \u201cin-care-of \u201d address or \u201chold mail\u201d instruction\nfor the Account Holder; and\nf)\nwhether there is any power of attorney or signatory authority for the\naccount.\n\nSCHEDULE\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 34\nRevised as at 31st December, 2020\nc\n\n4.\nRelationship Manager Inquiry for Actual Knowledge. In addition to the\nelectronic and paper record searches described above, the Reporting Financial\nInstitution must treat as a Reportable Account any High Value Account assigned\nto a relationship manager (including any Financial Accounts aggregated with that\nHigh Value Account) if the relationship manager has actual knowledge that the\nAccount Holder is a Reportable Person.\n5.\nEffect of Finding Indicia.\na)\nIf none of the indicia listed in subparagraph B(2) are discovered in the\nenhanced review of High Value Accounts described above, and the\naccount is not identified as held by a resident for tax purposes in a Foreign\nJurisdiction in subparagraph C(4), then further action is not required until\nthere is a change in circumstances that results in one or more indicia being\nassociated with the account.\nb)\nIf any of the indicia listed in subparagraph B(2)(a) through (e) are\ndiscovered in the enhanced review of High Value Accounts described\nabove, or if there is a subsequent change in circumstances that results in\none or more indicia being associated with the account, then the Reporting\nFinancial Institution must treat the Account Holder as a resident for tax\npurposes of each Foreign Jurisdiction for which an indicium is identified\nunless it elects to apply subparagraph B(6) and one of the exceptions in\nsuch subparagraph applies with respect to that account.\nc)\nIf a \u201chold mail\u201d instruction or \u201cin-care-of\u201d address is discovered in the\nenhanced review of High Value Accounts described above, and no other\naddress and none of the other indicia listed in subparagraph B(2)(a)\nthrough (e) are identified for the Account Holder, the Reporting Financial\nInstitution must obtain from such Account Holder a self-certification or\nDocumentary Evidence to establish the residence(s) for tax purposes of the\nAccount Holder. If the Reporting Financial Institution cannot obtain such\nself-certification or Documentary Evidence, it must report the account as\nan undocumented account.\n6. If a Pre-existing Individual Account is not a High Value Account as of 31 December\n2015, but becomes a High Value Account as of the last day of a subsequent calendar\nyear, the Reporting Financial Institution must complete the enhanced review\nprocedures described in paragraph C with respect to such account within the calendar\nyear following the year in which the account becomes a High Value Account. If based\non this review such account is identified as a Reportable Account, the Reporting\nFinancial Institution must report the required information about such account with\nrespect to the year in which it is identified as a Reportable Account and subsequent\nyears on an annual basis, unless the Account Holder ceases to be a Reportable Person.\n7. Once a Reporting Financial Institution applies the enhanced review procedures\ndescribed in paragraph C to a High Value Account, the Reporting Financial Institution\nis not required to re-apply such procedures, other than the relationship manager inquiry\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2020\nPage 35\n\ndescribed in subparagraph C(4), to the same High Value Account in any subsequent\nyear unless the account is undocumented where the Reporting Financial Institution\nshould re-apply them annually until such account ceases to be undocumented.\n8. If there is a change of circumstances with respect to a High Value Account that results\nin one or more indicia described in subparagraph B(2) being associated with the\naccount, then the Reporting Financial Institution must treat the account as a Reportable\nAccount with respect to each Foreign Jurisdiction for which an indicium is identified\nunless it elects to apply subparagraph B(6) and one of the exceptions in such\nsubparagraph applies with respect to that account.\n9. A Reporting Financial Institution must implement procedures to ensure that a\nrelationship manager identifies any change in circumstances of an account. For\nexample, if a relationship manager is notified that the Account Holder has a new\nmailing address in a Foreign Jurisdiction, the Reporting Financial Institution is\nrequired to treat the new address as a change in circumstances and, if it elects to apply\nsubparagraph B(6), is required to obtain the appropriate documentation from the\nAccount Holder.\nD.\nReview of Pre-existing High Value Individual Accounts must be completed by 31\nDecember 2016. Review of Pre-existing Lower Value Individual Accounts must be\ncompleted by 31 December 2017.\nE.\nAny Pre-existing Individual Account that has been identified as a Reportable Account\nunder this Section must be treated as a Reportable Account in all subsequent years, unless\nthe Account Holder ceases to be a Reportable Person.\nSection IV: Due Diligence for New Individual Accounts\nThe following procedures apply with respect to New Individual Accounts.\nA. With respect to New Individual Accounts, upon account opening, the Reporting\nFinancial Institution must obtain a self-certification, which may be part of the account\nopening documentation, that allows the Reporting Financial Institution to determine\nthe Account Holder\u2019s residence(s) for tax purposes and confirm the reasonableness of\nsuch self-certification based on the information obtained by the Reporting Financial\nInstitution in connection with the opening of the account, including any documentation\ncollected pursuant to AML\/KYC Procedures.\nB. If the self-certification establishes that the Account Holder is resident for tax purposes\nin a Reportable Jurisdiction, the Reporting Financial Institution must treat the account\nas a Reportable Account and the self-certification must also include the Account\nHolder\u2019s TIN with respect to such Reportable Jurisdiction (subject to paragraph D of\nSection I) and date of birth.\nC. If there is a change of circumstances with respect to a New Individual Account that\ncauses the Reporting Financial Institution to know, or have reason to know, that the\noriginal self-certification is incorrect or unreliable, the Reporting Financial Institution\ncannot rely on the original self-certification and must obtain a valid self-certification\nthat establishes the residence(s) for tax purposes of the Account Holder.\nSection V: Due Diligence for Pre-existing Entity Accounts\nThe following procedures apply with respect to Pre-existing Entity Accounts.\n\nSCHEDULE\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 36\nRevised as at 31st December, 2020\nc\n\nA. Entity Accounts Not Required to Be Reviewed, Identified or Reported. Unless the\nReporting Financial Institution elects otherwise, either with respect to all Pre-existing\nEntity Accounts or, separately, with respect to any clearly identified group of such\naccounts, a Pre-existing Entity Account with an aggregate account balance or value\nthat does not exceed USD 250 000 as of 31 December 2015, is not required to be\nreviewed, identified, or reported as a Reportable Account until the aggregate account\nbalance or value exceeds USD 250 000 as of the last day of any subsequent calendar\nyear.\nB. Entity Accounts Subject to Review. A Pre-existing Entity Account that has an\naggregate account balance or value that exceeds USD 250 000 as of 31 December\n2015, and a Pre-existing Entity Account that does not exceed USD 250 000 as of 31\nDecember 2015 but the aggregate account balance or value of which exceeds USD\n250 000 as of the last day of any subsequent calendar year, must be reviewed in\naccordance with the procedures set forth in paragraph D.\nC. Review Procedures for Identifying Entity Accounts With Respect to Which\nReporting may be Required. For Pre-existing Entity Accounts described in\nparagraph B, a Reporting Financial Institution must apply the following review\nprocedures:\n1. Determine the Residence of the Entity.\na)\nReview information maintained for regulatory or customer relationship\npurposes (including information collected pursuant to AML\/KYC\nProcedures) to determine the Account Holder\u2019s residence. For this\npurpose, information indicating that the Account Holder\u2019s residence\nincludes a place of incorporation or organisation, or an address in a Foreign\nJurisdiction.\nb)\nIf the information indicates that the Account Holder is a Reportable\nPerson, the Reporting Financial Institution must treat the account as a\nReportable Account unless it obtains a self-certification from the Account\nHolder, or reasonably determines based on information in its possession\nor that is publicly available, that the Account Holder is not a Reportable\nPerson.\n2. Determine the Residence of the Controlling Persons of a Passive NFE. With\nrespect to an Account Holder of a Pre-existing Entity Account (including an Entity\nthat is a Reportable Person), the Reporting Financial Institution must determine\nwhether the Account Holder is a Passive NFE with one or more Controlling Persons\nand determine the residence of such Controlling Persons. If any of the Controlling\nPersons of a Passive NFE is a Reportable Person, then the account is treated as a\nReportable Account. In making these determinations the Reporting Financial\nInstitution must follow the guidance in subparagraphs C(2)(a) through (c) in the order\nmost appropriate under the circumstances.\na)\nDetermining whether the Account Holder is a Passive NFE. For\npurposes of determining whether the Account Holder is a Passive NFE,\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2020\nPage 37\n\nthe Reporting Financial Institution must obtain a self-certification from the\nAccount Holder to establish its status, unless it has information in its\npossession or that is publicly available, based on which it can reasonably\ndetermine that the Account Holder is an Active NFE or a Financial\nInstitution other than an Investment Entity described in subparagraph\nA(6)(b) of Section VIII that is not a Participating Jurisdiction Financial\nInstitution.\nb)\nDetermining the Controlling Persons of an Account Holder. For the\npurposes of determining the Controlling Persons of an Account Holder, a\nReporting Financial Institution may rely on information collected and\nmaintained pursuant to AML\/KYC Procedures.\nc)\nDetermining the residence of a Controlling Person of a Passive NFE.\nFor the purposes of determining the residence of a Controlling Person of a\nPassive NFE, a Reporting Financial Institution may rely on:\ni)\ninformation collected and maintained pursuant to AML\/KYC\nProcedures in the case of a Pre-existing Entity Account held by one\nor more NFEs with an aggregate account balance or value that does\nnot exceed USD 1,000,000; or\nii)\na self-certification from the Account Holder or such Controlling\nPerson of the jurisdiction(s) in which the Controlling Person is\nresident for tax purposes. If a self-certification is not provided, the\nReporting Financial Institution will establish such residence(s) by\napplying the procedures described in paragraph C of Section III.\nD. Timing of Review and Additional Procedures Applicable to Pre-existing Entity\nAccounts.\n1. Review of Pre-existing Entity Accounts with an aggregate account balance or\nvalue that exceeds USD 250,000 as of 31 December 2015 must be completed by\n31 December 2017.\n2. Review of Pre-existing Entity Accounts with an aggregate account balance or\nvalue that does not exceed USD 250,000 as of 31 December 2015, but exceeds\nUSD 250,000 as of 31 December of a subsequent year, must be completed within\nthe calendar year following the year in which the aggregate account balance or\nvalue exceeds USD 250,000.\n3. If there is a change of circumstances with respect to a Pre-existing Entity Account\nthat causes the Reporting Financial Institution to know, or have reason to know,\nthat the self-certification or other documentation associated with an account is\nincorrect or unreliable, the Reporting Financial Institution must re-determine the\nstatus of the account in accordance with the procedures set forth in paragraph C.\n\nSection VI: Due Diligence for New Entity Accounts\nThe following procedures apply with respect to New Entity Accounts.\nA. Review Procedures for Identifying Entity Accounts With Respect to Which\n\nSCHEDULE\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 38\nRevised as at 31st December, 2020\nc\n\nReporting may be Required. For New Entity Accounts, a Reporting Financial\nInstitution must apply the following review procedures:\n1. Determine the residence of the Entity.\na)\nObtain a self-certification, which may be part of the account opening\ndocumentation, that allows the Reporting Financial Institution to\ndetermine the Account Holder\u2019s residence(s) for tax purposes and confirm\nthe reasonableness of such self-certification based on the information\nobtained by the Reporting Financial Institution in connection with the\nopening of the account, including any documentation collected pursuant\nto AML\/KYC Procedures. If the Entity certifies that it has no residence for\ntax purposes, the Reporting Financial Institution may rely on the address\nof the principal office of the Entity to determine the residence of the\nAccount Holder.\nb)\nIf the self-certification indicates that the Account Holder is resident in a\nReportable Jurisdiction, the Reporting Financial Institution must treat the\naccount as a Reportable Account unless it reasonably determines based on\ninformation in its possession or that is publicly available, that the Account\nHolder is not a Reportable Person with respect to such Reportable\nJurisdiction.\n2. Determine the Residence of the Controlling Persons of a Passive NFE. With\nrespect to an Account Holder of a New Entity Account (including an Entity that is\na Reportable Person), the Reporting Financial Institution must identify whether the\nAccount Holder is a Passive NFE with one or more Controlling Persons and\ndetermine the residence of such Reportable Persons. If any of the Controlling\nPersons of a Passive NFE is a Reportable Person, then the account must be treated\nas a Reportable Account. In making these determinations the Reporting Financial\nInstitution must follow the guidance in subparagraphs A(2)(a) through (c) in the\norder most appropriate under the circumstances.\na)\nDetermining whether the Account Holder is a Passive NFE. For\npurposes of determining whether the Account Holder is a Passive NFE,\nthe Reporting Financial Institution must rely on a self-certification from\nthe Account Holder to establish its status, unless it has information in its\npossession or that is publicly available, based on which it can reasonably\ndetermine that the Account Holder is an Active NFE or a Reporting\nFinancial Institution other than an Investment Entity described in\nsubparagraph A(6)(b) of Section VIII that is not a Participating\nJurisdiction Financial Institution.\nb)\nDetermining the Controlling Persons of an Account Holder. For\npurposes of determining the Controlling Persons of an Account Holder, a\nReporting Financial Institution may rely on information collected and\nmaintained pursuant to AML\/KYC Procedures.\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2020\nPage 39\n\nc)\nDetermining the residence of a Controlling Person of a Passive NFE.\nFor purposes of determining the residence of a Controlling Person of a\nPassive NFE, a Reporting Financial Institution may rely on a selfcertification from the Account Holder or such Controlling Person.\n\nSection VII: Special Due Diligence Rules\nThe following additional rules apply in implementing the due diligence procedures\ndescribed above:\nA. Reliance on Self-Certifications and Documentary Evidence. A Reporting Financial\nInstitution may not rely on a self-certification or Documentary Evidence if the\nReporting Financial Institution knows or has reason to know that the self-certification\nor Documentary Evidence is incorrect or unreliable.\nB. Alternative Procedures for Financial Accounts Held by Individual Beneficiaries\nof a Cash Value Insurance Contract or an Annuity Contract and for a Group\nCash Value Insurance Contract or Group Annuity Contract. A Reporting\nFinancial Institution may presume that an individual beneficiary (other than the owner)\nof a Cash Value Insurance Contract or an Annuity Contract receiving a death benefit\nis not a Reportable Person and may treat such Financial Account as other than a\nReportable Account unless the Reporting Financial Institution has actual knowledge,\nor reason to know, that the beneficiary is a Reportable Person. A Reporting Financial\nInstitution has reason to know that a beneficiary of a Cash Value Insurance Contract\nor an Annuity Contract is a Reportable Person if the information collected by the\nReporting Financial Institution and associated with the beneficiary contains indicia as\ndescribed in paragraph B of Section III. If a Reporting Financial Institution has actual\nknowledge, or reason to know, that the beneficiary is a Reportable Person, the\nReporting Financial Institution must follow the procedures in paragraph B of Section\nIII.\nA Reporting Financial Institution may treat a Financial Account that is a member's\ninterest in a Group Cash Value Insurance Contract or Group Annuity Contract as a\nFinancial Account that is not a Reportable Account until the date on which an amount\nis payable to the employee\/certificate holder or beneficiary, if the Financial Account\nthat is a member's interest in a Group Cash Value Insurance Contract or Group Annuity\nContract meets the following requirements: (i) the Group Cash Value Insurance\nContract or Group Annuity Contract is issued to an employer and covers 25 or more\nemployees\/certificate holders; (ii) the employee\/certificate holders are entitled to\nreceive any contract value related to their interests and to name beneficiaries for the\nbenefit payable upon the employee's death; and (iii) the aggregate amount payable to\nany employee\/certificate holder or beneficiary does not exceed USD 1,000,000.\nThe term \u201cGroup Cash Value Insurance Contract\u201d means a Cash Value Insurance\nContract that (i) provides coverage on individuals who are affiliated through an\nemployer, trade association, labour union, or other association or group; and (ii)\ncharges a premium for each member of the group (or member of a class within the\ngroup) that is determined without regard to the individual health characteristics other\n\nSCHEDULE\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 40\nRevised as at 31st December, 2020\nc\n\nthan age, gender, and smoking habits of the member (or class of members) of the\ngroup.\nThe term \u201cGroup Annuity Contract\u201d means an Annuity Contract under which the\nobligees are individuals who are affiliated through an employer, trade association,\nlabour union, or other association or group.\nC. Account Balance Aggregation and Currency Rules.\n1. Aggregation of Individual Accounts. For purposes of determining the aggregate\nbalance or value of Financial Accounts held by an individual, a Reporting\nFinancial Institution is required to aggregate all Financial Accounts maintained\nby the Reporting Financial Institution, or by a Related Entity, but only to the\nextent that the Reporting Financial Institution\u2019s computerised systems link the\nFinancial Accounts by reference to a data element such as client number or TIN,\nand allow account balances or values to be aggregated. Each holder of a jointly\nheld Financial Account shall be attributed the entire balance or value of the jointly\nheld Financial Account for purposes of applying the aggregation requirements\ndescribed in this subparagraph.\n2. Aggregation of Entity Accounts. For purposes of determining the aggregate\nbalance or value of Financial Accounts held by an Entity, a Reporting Financial\nInstitution is required to take into account all Financial Accounts that are\nmaintained by the Reporting Financial Institution, or by a Related Entity, but only\nto the extent that the Reporting Financial Institution\u2019s computerised systems link\nthe Financial Accounts by reference to a data element such as client number or\nTIN, and allow account balances or values to be aggregated. Each holder of a\njointly held Financial Account shall be attributed the entire balance or value of\nthe jointly held Financial Account for purposes of applying the aggregation\nrequirements described in this subparagraph.\n3. Special Aggregation Rule Applicable to Relationship Managers. For purposes\nof determining the aggregate balance or value of Financial Accounts held by a\nperson to determine whether a Financial Account is a High Value Account, a\nReporting Financial Institution is also required, in the case of any Financial\nAccounts that a relationship manager knows, or has reason to know, are directly\nor indirectly owned, controlled, or established (other than in a fiduciary capacity)\nby the same person, to aggregate all such accounts.\n4. Amounts Read to Include Equivalent in Other Currencies. All dollar amounts\nare in US dollars and shall be read to include equivalent amounts in other\ncurrencies, as determined by domestic law.\n\nSection VIII: Defined Terms\nThe following terms have the meanings set forth below:\nA. Reporting Financial Institution\n1. The term \u201cReporting Financial Institution\u201d means any Participating Jurisdiction\nFinancial Reporting Financial Institution that is not a Non- Reporting Financial\nInstitution.\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2020\nPage 41\n\n2. The term \u201cParticipating Jurisdiction Financial Institution\u201d means (i) any\nFinancial Institution that is resident in a Participating Jurisdiction, but excludes\nany branch of that Financial Institution that is located outside such Participating\nJurisdiction, and (ii) any branch of a Financial Institution that is not resident in a\nParticipating Jurisdiction, if that branch is located in such Participating\nJurisdiction.\n3. The term \u201cFinancial Institution\u201d means a Custodial Institution, a Depository\nInstitution, an Investment Entity, or a Specified Insurance Company.\n4. The term \u201cCustodial Institution\u201d means any Entity that holds, as a substantial\nportion of its business, Financial Assets for the account of others. An Entity holds\nFinancial Assets for the account of others as a substantial portion of its business\nif the Entity\u2019s gross income attributable to the holding of Financial Assets and\nrelated financial services equals or exceeds 20% of the Entity\u2019s gross income\nduring the shorter of: (i) the three-year period that ends on 31 December (or the\nfinal day of a non-calendar year accounting period) prior to the year in which the\ndetermination is being made; or (ii) the period during which the Entity has been\nin existence.\n5. The term \u201cDepository Institution\u201d means any Entity that accepts deposits in the\nordinary course of a banking or similar business.\n6. The term \u201cInvestment Entity\u201d means any Entity:\na) that primarily conducts as a business one or more of the following activities\nor operations for or on behalf of a customer:\ni)\ntrading in money market instruments (cheques, bills, certificates of\ndeposit, derivatives, etc.); foreign exchange; exchange, interest rate\nand index instruments; transferable securities; or commodity futures\ntrading;\nii)\nindividual and collective portfolio management; or\niii) otherwise investing, administering, or managing Financial Assets or\nmoney on behalf of other persons; or\nb) the gross income of which is primarily attributable to investing, reinvesting,\nor trading in Financial Assets, if the Entity is managed by another Entity\nthat is a Depository Institution, a Custodial Institution, a Specified\nInsurance Company, or an Investment Entity described in subparagraph\nA(6)(a).\nAn Entity is treated as primarily conducting as a business one or more of the\nactivities described in subparagraph A(6)(a), or an Entity\u2019s gross income is\nprimarily attributable to investing, reinvesting, or trading in Financial Assets\nfor purposes of subparagraph A(6)(b), if the Entity\u2019s gross income attributable\nto the relevant activities equals or exceeds 50% of the Entity\u2019s gross income\nduring the shorter of: (i) the three-year period ending on 31 December of the\nyear preceding the year in which the determination is made; or (ii) the period\nduring which the Entity has been in existence. The term \u201cInvestment Entity\u201d\n\nSCHEDULE\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 42\nRevised as at 31st December, 2020\nc\n\ndoes not include an Entity that is an Active NFE because it meets any of the\ncriteria in subparagraphs D(9)(d) through (g).\nThis paragraph shall be interpreted in a manner consistent with similar\nlanguage set forth in the definition of \u201cfinancial institution\u201d in the Financial\nAction Task Force Recommendations.\n7. The term \u201cFinancial Asset\u201d includes a security (for example, a share of stock in\na corporation; partnership or beneficial ownership interest in a widely held or\npublicly traded partnership or trust; note, bond, debenture, or other evidence of\nindebtedness), partnership interest, commodity, swap (for example, interest rate\nswaps, currency swaps, basis swaps, interest rate caps, interest rate floors,\ncommodity swaps, equity swaps, equity index swaps, and similar agreements),\nInsurance Contract or Annuity Contract, or any interest (including a futures or\nforward contract or option) in a security, partnership interest, commodity, swap,\nInsurance Contract, or Annuity Contract. The term \u201cFinancial Asset\u201d does not\ninclude a non-debt, direct interest in real property.\n8. The term \u201cSpecified Insurance Company\u201d means any Entity that is an insurance\ncompany (or the holding company of an insurance company) that issues, or is\nobligated to make payments with respect to, a Cash Value Insurance Contract or\nan Annuity Contract.\nB. Non-Reporting Financial Institution\n1. The term \u201cNon-Reporting Financial Institution\u201d means any Financial\nInstitution that is:\na)\na Governmental Entity, International Organisation or Central Bank, other\nthan with respect to a payment that is derived from an obligation held in\nconnection with a commercial financial activity of a type engaged in by a\nSpecified Insurance Company, Custodial Institution, or Depository\nInstitution;\nb)\na Broad Participation Retirement Fund; a Narrow Participation Retirement\nFund; a Pension Fund of a Governmental Entity, International\nOrganisation or Central Bank; or a Qualified Credit Card Issuer;\nc)\nany other Entity that presents a low risk of being used to evade tax, has\nsubstantially similar characteristics to any of the Entities described in\nsubparagraphs B(1)(a) and (b), and is defined in domestic law as a NonReporting Financial Institution, provided that the status of such Entity as\na Non-Reporting Financial Institution does not frustrate the purposes of\nthe Common Reporting Standard;\nd)\nan Exempt Collective Investment Vehicle; or\ne)\na trust to the extent that the trustee of the trust is a Reporting Financial\nInstitution and reports all information required to be reported pursuant to\nSection I with respect to all Reportable Accounts of the trust.\n2. The term \u201cGovernmental Entity\u201d means the government of a jurisdiction, any\npolitical subdivision of a jurisdiction (which, for the avoidance of doubt, includes\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2020\nPage 43\n\na state, province, county, or municipality), or any wholly owned agency or\ninstrumentality of a jurisdiction or of any one or more of the foregoing (each, a\n\u201cGovernmental Entity\u201d). This category is comprised of the integral parts,\ncontrolled entities, and political subdivisions of a jurisdiction.\na)\nAn \u201cintegral part\u201d of a jurisdiction means any person, organisation,\nagency, bureau, fund, instrumentality, or other body, however designated,\nthat constitutes a governing authority of a jurisdiction. The net earnings of\nthe governing authority must be credited to its own account or to other\naccounts of the jurisdiction, with no portion inuring to the benefit of any\nprivate person. An integral part does not include any individual who is a\nsovereign, official, or administrator acting in a private or personal\ncapacity.\nb)\nA controlled entity means an Entity that is separate in form from the\njurisdiction or that otherwise constitutes a separate juridical entity,\nprovided that:\ni)\nthe Entity is wholly owned and controlled by one or more\nGovernmental Entities directly or through one or more controlled\nentities;\nii)\nthe Entity\u2019s net earnings are credited to its own account or to the\naccounts of one or more Governmental Entities, with no portion of\nits income inuring to the benefit of any private person; and\niii) the Entity\u2019s assets vest in one or more Governmental Entities upon\ndissolution.\nc) Income does not inure to the benefit of private persons if such persons are\nthe intended beneficiaries of a governmental programme, and the\nprogramme activities are performed for the general public with respect to\nthe common welfare or relate to the administration of some phase of\ngovernment. Notwithstanding the foregoing, however, income is\nconsidered to inure to the benefit of private persons if the income is derived\nfrom the use of a governmental entity to conduct a commercial business,\nsuch as a commercial banking business, that provides financial services to\nprivate persons.\n3. The term \u201cInternational Organisation\u201d means any international organisation or\nwholly owned agency or instrumentality thereof. This category includes any\nintergovernmental organisation (including a supranational organisation) (1) that\nis comprised primarily of governments; (2) that has in effect a headquarters or\nsubstantially similar agreement with the jurisdiction; and (3) the income of which\ndoes not inure to the benefit of private persons.\n4. The term \u201cCentral Bank\u201d means an institution that is by law or government\nsanction the principal authority, other than the government of the jurisdiction\nitself, issuing instruments intended to circulate as currency. Such an institution\nmay include an instrumentality that is separate from the government of the\n\nSCHEDULE\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 44\nRevised as at 31st December, 2020\nc\n\njurisdiction, whether or not owned in whole or in part by the jurisdiction.\n5. The term \u201cBroad Participation Retirement Fund\u201d means a fund established to\nprovide retirement, disability, or death benefits, or any combination thereof, to\nbeneficiaries that are current or former employees (or persons designated by such\nemployees) of one or more employers in consideration for services rendered,\nprovided that the fund:\na)\ndoes not have a single beneficiary with a right to more than five per cent\nof the fund\u2019s assets;\nb)\nis subject to government regulation and provides information reporting to\nthe tax authorities; and\nc)\nsatisfies at least one of the following requirements:\ni)\nthe fund is generally exempt from tax on investment income, or\ntaxation of such income is deferred or taxed at a reduced rate, due to\nits status as a retirement or pension plan;\nii)\nthe fund receives at least 50% of its total contributions (other than\ntransfers of assets from other plans described in subparagraphs B(5)\nthrough (7) or from retirement and pension accounts described in\nsubparagraph C(17)(a)) from the sponsoring employers;\niii) distributions or withdrawals from the fund are allowed only upon the\noccurrence of specified events related to retirement, disability, or\ndeath (except rollover distributions to other retirement funds\ndescribed in subparagraphs B(5) through (7) or retirement and\npension accounts described in subparagraph C(17)(a)), or penalties\napply to distributions or withdrawals made before such specified\nevents; or\niv) contributions (other than certain permitted make-up contributions)\nby employees to the fund are limited by reference to earned income\nof the employee or may not exceed USD 50,000 annually, applying\nthe rules set forth in paragraph C of Section VII for account\naggregation and currency translation.\n6. The term \u201cNarrow Participation Retirement Fund\u201d means a fund established\nto provide retirement, disability, or death benefits to beneficiaries that are current\nor former employees (or persons designated by such employees) of one or more\nemployers in consideration for services rendered, provided that:\na)\nthe fund has fewer than 50 participants;\nb)\nthe fund is sponsored by one or more employers that are not Investment\nEntities or Passive NFEs;\nc)\nthe employee and employer contributions to the fund (other than transfers\nof assets from retirement and pension accounts described in subparagraph\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2020\nPage 45\n\nC(17)(a)) are limited by reference to earned income and compensation of\nthe employee, respectively;\nd)\nparticipants that are not residents of the jurisdiction in which the fund is\nestablished are not entitled to more than 20% of the fund\u2019s assets; and\ne)\nthe fund is subject to government regulation and provides information\nreporting to the tax authorities.\n7. The term \u201cPension Fund of a Governmental Entity, International\nOrganisation or Central Bank\u201d means a fund established by a Governmental\nEntity, International Organisation or Central Bank to provide retirement,\ndisability, or death benefits to beneficiaries or participants that are current or\nformer employees (or persons designated by such employees), or that are not\ncurrent or former employees, if the benefits provided to such beneficiaries or\nparticipants are in consideration of personal services performed for the\nGovernmental Entity, International Organisation or Central Bank.\n8. The term \u201cQualified Credit Card Issuer\u201d means a Financial Institution\nsatisfying the following requirements:\na)\nthe Financial Institution is a Financial Institution solely because it is an\nissuer of credit cards that accepts deposits only when a customer makes a\npayment in excess of a balance due with respect to the card and the\noverpayment is not immediately returned to the customer; and\nb)\nbeginning on or before 1 January 2016, the Financial Institution\nimplements policies and procedures either to prevent a customer from\nmaking an overpayment in excess of USD 50,000, or to ensure that any\ncustomer overpayment in excess of USD 50,000 is refunded to the\ncustomer within 60 days, in each case applying the rules set forth in\nparagraph C of Section VII for account aggregation and currency\ntranslation. For this purpose, a customer overpayment does not refer to\ncredit balances to the extent of disputed charges but does include credit\nbalances resulting from merchandise returns.\n9. The term \u201cExempt Collective Investment Vehicle\u201d means an Investment Entity\nthat is regulated as a collective investment vehicle, provided that all of the\ninterests in the collective investment vehicle are held by or through individuals or\nEntities that are not Reportable Persons, except a Passive NFE with Controlling\nPersons who are Reportable Persons.\nC. Financial Account\n1. The term \u201cFinancial Account\u201d means an account maintained by a Financial\nInstitution, and includes a Depository Account, a Custodial Account and:\na)\nin the case of an Investment Entity, any equity or debt interest in the\nFinancial Institution. Notwithstanding the foregoing, the term \u201cFinancial\nAccount\u201d does not include any equity or debt interest in an Entity that is\nan Investment Entity solely because it (i) renders investment advice to, and\nacts on behalf of, or (ii) manages portfolios for, and acts on behalf of, a\n\nSCHEDULE\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 46\nRevised as at 31st December, 2020\nc\n\ncustomer for the purpose of investing, managing, or administering\nFinancial Assets deposited in the name of the customer with a Financial\nInstitution other than such Entity;\nb)\nin the case of a Financial Institution not described in subparagraph C(1)(a),\nany equity or debt interest in the Financial Institution, if the class of\ninterests was established with a purpose of avoiding reporting in\naccordance with Section I; and\nc)\nany Cash Value Insurance Contract and any Annuity Contract issued or\nmaintained by a Financial Institution, other than a noninvestment-linked,\nnon-transferable immediate life annuity that is issued to an individual and\nmonetises a pension or disability benefit provided under an account that is\nan Excluded Account.\nThe term \u201cFinancial Account\u201d does not include any account that is an Excluded\nAccount.\n2. The term \u201cDepository Account\u201d includes any commercial, checking, savings,\ntime, or thrift account, or an account that is evidenced by a certificate of deposit,\nthrift certificate, investment certificate, certificate of indebtedness, or other\nsimilar instrument maintained by a Financial Institution in the ordinary course of\na banking or similar business. A Depository Account also includes an amount held\nby an insurance company pursuant to a guaranteed investment contract or similar\nagreement to pay or credit interest thereon.\n3. The term \u201cCustodial Account\u201d means an account (other than an Insurance\nContract or Annuity Contract) that holds one or more Financial Assets for the\nbenefit of another person.\n4. The term \u201cEquity Interest\u201d means, in the case of a partnership that is a Financial\nInstitution, either a capital or profits interest in the partnership. In the case of a\ntrust that is a Financial Institution, an Equity Interest is considered to be held by\nany person treated as a settlor or beneficiary of all or a portion of the trust, or any\nother natural person exercising ultimate effective control over the trust. A\nReportable Person will be treated as being a beneficiary of a trust if such\nReportable Person has the right to receive directly or indirectly (for example,\nthrough a nominee) a mandatory distribution or may receive, directly or indirectly,\na discretionary distribution from the trust.\n5. The term \u201cInsurance Contract\u201d means a contract (other than an Annuity\nContract) under which the issuer agrees to pay an amount upon the occurrence of\na specified contingency involving mortality, morbidity, accident, liability, or\nproperty risk.\n6. The term \u201cAnnuity Contract\u201d means a contract under which the issuer agrees to\nmake payments for a period of time determined in whole or in part by reference\nto the life expectancy of one or more individuals. The term also includes a contract\nthat is considered to be an Annuity Contract in accordance with the law,\nregulation, or practice of the jurisdiction in which the contract was issued, and\nunder which the issuer agrees to make payments for a term of years.\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2020\nPage 47\n\n7. The term \u201cCash Value Insurance Contract\u201d means an Insurance Contract (other\nthan an indemnity reinsurance contract between two insurance companies) that\nhas a Cash Value.\n8. The term \u201cCash Value\u201d means the greater of (i) the amount that the policyholder\nis entitled to receive upon surrender or termination of the contract (determined\nwithout reduction for any surrender charge or policy loan), and (ii) the amount the\npolicyholder can borrow under or with regard to the contract. Notwithstanding the\nforegoing, the term \u201cCash Value\u201d does not include an amount payable under an\nInsurance Contract:\na)\nsolely by reason of the death of an individual insured under a life insurance\ncontract;\nb)\nas a personal injury or sickness benefit or other benefit providing\nindemnification of an economic loss incurred upon the occurrence of the\nevent insured against;\nc)\nas a refund of a previously paid premium (less cost of insurance charges\nwhether or not actually imposed) under an Insurance Contract (other than\nan investment-linked life insurance or annuity contract) due to cancellation\nor termination of the contract, decrease in risk exposure during the\neffective period of the contract, or arising from the correction of a posting\nor similar error with regard to the premium for the contract;\nd)\nas a policyholder dividend (other than a termination dividend) provided\nthat the dividend relates to an Insurance Contract under which the only\nbenefits payable are described in subparagraph C(8)(b); or\ne)\nas a return of an advance premium or premium deposit for an Insurance\nContract for which the premium is payable at least annually if the amount\nof the advance premium or premium deposit does not exceed the next\nannual premium that will be payable under the contract.\n9. The term \u201cPre-existing Account\u201d means:\na)\na Financial Account maintained by a Reporting Financial Institution as of\n31 December 2015;\nb)\nany Financial Account of an Account Holder, regardless of the date such\nFinancial Account was opened, if:\ni)\nthe Account Holder also holds with the Reporting Financial\nInstitution (or with a Related Entity within the same jurisdiction as\nthe Reporting Financial Institution) a Financial Account that is a Preexisting Account under subparagraph C(9)(a);\nii)\nthe Reporting Financial Institution (and, as applicable, the Related\nEntity within the same jurisdiction as the Reporting Financial\nInstitution) treats both of the aforementioned Financial Accounts,\nand any other Financial Accounts of the Account Holder that are\ntreated as Pre-existing Accounts under point (b), as a single Financial\n\nSCHEDULE\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 48\nRevised as at 31st December, 2020\nc\n\nAccount for purposes of satisfying the standards of knowledge\nrequirements set forth in paragraph A of Section VII, and for\npurposes of determining the balance or value of any of the Financial\nAccounts when applying any of the account thresholds;\niii) with respect to a Financial Account that is subject to AML\/KYC\nProcedures, the Reporting Financial Institution is permitted to satisfy\nsuch AML\/KYC Procedures for the Financial Account by relying\nupon the AML\/KYC Procedures performed for the Pre-existing\nAccount described in subparagraph C(9)(a); and\niv) the opening of the Financial Account does not require the provision\nof new, additional or amended customer information by the Account\nHolder other than for the purposes of the CRS.\n10. The term \u201cNew Account\u201d means a Financial Account maintained by a Reporting\nFinancial Institution opened on or after 1 January 2016.\n11. The term \u201cPre-existing Individual Account\u201d means a Pre-existing Account held\nby one or more individuals.\n12. The term \u201cNew Individual Account\u201d means a New Account held by one or more\nindividuals.\n13. The term \u201cPre-existing Entity Account\u201d means a Pre-existing Account held by\none or more Entities.\n14. The term \u201cLower Value Account\u201d means a Pre-existing Individual Account with\nan aggregate balance or value as of 31 December 2015 that does not exceed USD\n1,000,000.\n15. The term \u201cHigh Value Account\u201d means a Pre-existing Individual Account with\nan aggregate balance or value that exceeds USD 1,000,000 as of 31 December\n2015 or 31 December of any subsequent year.\n16. The term \u201cNew Entity Account\u201d means a New Account held by one or more\nEntities.\n17. The term \u201cExcluded Account\u201d means any of the following accounts:\na) a retirement or pension account that satisfies the following requirements:\ni)\nthe account is subject to regulation as a personal retirement account\nor is part of a registered or regulated retirement or pension plan for\nthe provision of retirement or pension benefits (including disability\nor death benefits);\nii)\nthe account is tax-favoured (i.e. contributions to the account that\nwould otherwise be subject to tax are deductible or excluded from\nthe gross income of the account holder or taxed at a reduced rate, or\ntaxation of investment income from the account is deferred or taxed\nat a reduced rate);\niii) information reporting is required to the tax authorities with respect to\nthe account;\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2020\nPage 49\n\niv) withdrawals are conditioned on reaching a specified retirement age,\ndisability, or death, or penalties apply to withdrawals made before\nsuch specified events; and\nv)\neither (i) annual contributions are limited to USD 50,000 or less, or\n(ii) there is a maximum lifetime contribution limit to the account of\nUSD 1,000,000 or less, in each case applying the rules set forth in\nparagraph C of Section VII for account aggregation and currency\ntranslation.\nA Financial Account that otherwise satisfies the requirement of\nsubparagraph C(17)(a)(v) will not fail to satisfy such requirement solely\nbecause such Financial Account may receive assets or funds transferred\nfrom one or more Financial Accounts that meet the requirements of\nsubparagraph C(17)(a) or (b) or from one or more retirement or pension\nfunds that meet the requirements of any of subparagraphs B(5) through\n(7).\nb) an account that satisfies the following requirements:\ni)\nthe account is subject to regulation as an investment vehicle for\npurposes other than for retirement and is regularly traded on an\nestablished securities market, or the account is subject to regulation\nas a savings vehicle for purposes other than for retirement;\nii)\nthe account is tax-favoured (i.e. contributions to the account that\nwould otherwise be subject to tax are deductible or excluded from\nthe gross income of the account holder or taxed at a reduced rate, or\ntaxation of investment income from the account is deferred or taxed\nat a reduced rate);\niii) withdrawals are conditioned on meeting specific criteria related to\nthe purpose of the investment or savings account (for example, the\nprovision of educational or medical benefits), or penalties apply to\nwithdrawals made before such criteria are met; and\niv) annual contributions are limited to USD 50,000 or less, applying the\nrules set forth in paragraph C of Section VII for account aggregation\nand currency translation.\nA Financial Account that otherwise satisfies the requirement of\nsubparagraph C(17)(b)(iv) will not fail to satisfy such requirement solely\nbecause such Financial Account may receive assets or funds transferred\nfrom one or more Financial Accounts that meet the requirements of\nsubparagraph C(17)(a) or (b) or from one or more retirement or pension\nfunds that meet the requirements of any of subparagraphs B(5) through\n(7).\n\nSCHEDULE\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 50\nRevised as at 31st December, 2020\nc\n\nc) a life insurance contract with a coverage period that will end before the\ninsured individual attains age 90, provided that the contract satisfies the\nfollowing requirements:\ni)\nperiodic premiums, which do not decrease over time, are payable at\nleast annually during the period the contract is in existence or until\nthe insured attains age 90, whichever is shorter;\nii)\nthe contract has no contract value that any person can access (by\nwithdrawal, loan, or otherwise) without terminating the contract;\niii) the amount (other than a death benefit) payable upon cancellation or\ntermination of the contract cannot exceed the aggregate premiums\npaid for the contract, less the sum of mortality, morbidity, and\nexpense charges (whether or not actually imposed) for the period or\nperiods of the contract\u2019s existence and any amounts paid prior to the\ncancellation or termination of the contract; and\niv) the contract is not held by a transferee for value.\nd) an account that is held solely by an estate if the documentation for such\naccount includes a copy of the deceased\u2019s will or death certificate.\ne) an account established in connection with any of the following:\ni)\na court order or judgment.\nii)\na sale, exchange, or lease of real or personal property, provided that\nthe account satisfies the following requirements:\n(i)\nthe account is funded solely with a down payment, earnest\nmoney, deposit in an amount appropriate to secure an obligation\ndirectly related to the transaction, or a similar payment, or is\nfunded with a Financial Asset that is deposited in the account\nin connection with the sale, exchange, or lease of the property;\n(ii) the account is established and used solely to secure the\nobligation of the purchaser to pay the purchase price for the\nproperty, the seller to pay any contingent liability, or the lessor\nor lessee to pay for any damages relating to the leased property\nas agreed under the lease;\n(iii) the assets of the account, including the income earned thereon,\nwill be paid or otherwise distributed for the benefit of the\npurchaser, seller, lessor, or lessee(including to satisfy such\nperson\u2019s obligation) when the property is sold, exchanged, or\nsurrendered, or the lease terminates;\n(iv) the account is not a margin or similar account established in\nconnection with a sale or exchange of a Financial Asset; and\n(v) the account is not associated with an account described in\nsubparagraph C(17)(f ).\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2020\nPage 51\n\niii) an obligation of a Financial Institution servicing a loan secured by\nreal property to set aside a portion of a payment solely to facilitate\nthe payment of taxes or insurance related to the real property at a later\ntime.\niv) an obligation of a Financial Institution solely to facilitate the payment\nof taxes at a later time.\nf)\na Depository Account that satisfies the following requirements:\ni)\nthe account exists solely because a customer makes a payment in\nexcess of a balance due with respect to a credit card or other\nrevolving credit facility and the overpayment is not immediately\nreturned to the customer; and\nii)\nbeginning on or before 1 January 2016, the Financial Institution\nimplements policies and procedures either to prevent a customer\nfrom making an overpayment in excess of USD 50,000, or to ensure\nthat any customer overpayment in excess of USD 50,000 is refunded\nto the customer within 60 days, in each case applying the rules set\nforth in paragraph C of Section VII for currency translation. For this\npurpose, a customer overpayment does not refer to credit balances to\nthe extent of disputed charges but does include credit balances\nresulting from merchandise returns.\ng) any other account that presents a low risk of being used to evade tax, has\nsubstantially similar characteristics to any of the accounts described in\nsubparagraphs C(17)(a) through (f ), and is defined in domestic law as an\nExcluded Account, provided that the status of such account as an Excluded\nAccount does not frustrate the purposes of the Common Reporting\nStandard.\nD. Reportable Account\n1. The term \u201cReportable Account\u201d means an account held by one or more\nReportable Persons or by a Passive NFE with one or more Controlling Persons\nthat is a Reportable Person, provided it has been identified as such pursuant to\nthe due diligence procedures described in Sections II through VII.\n2. The term \u201cReportable Person\u201d means a Reportable Jurisdiction Person other\nthan: (i) a corporation the stock of which is regularly traded on one or more\nestablished securities markets; (ii) any corporation that is a Related Entity of a\ncorporation described in clause (i); (iii) a Governmental Entity; (iv) an\nInternational Organisation; (v) a Central Bank; or (vi) a Financial Institution.\n3. The term \u201cReportable Jurisdiction Person\u201d means an individual or Entity that\nis resident in a Reportable Jurisdiction under the tax laws of such jurisdiction,\nor an estate of a decedent that was a resident of a Reportable Jurisdiction. For\nthis purpose, an Entity such as a partnership, limited liability partnership or\nsimilar legal arrangement that has no residence for tax purposes shall be treated\nas resident in the jurisdiction in which its place of effective management is\n\nSCHEDULE\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 52\nRevised as at 31st December, 2020\nc\n\nsituated.\n4. The term \u201cReportable Jurisdiction\u201d means a jurisdiction (i) with which an\nagreement is in place pursuant to which there is an obligation in place to\nprovide the information specified in Section I, and (ii) which is identified in a\npublished list.\n5. The term \u201cParticipating Jurisdiction\u201d means a jurisdiction (i) with which an\nagreement is in place pursuant to which it will provide the information\nspecified in Section I, and (ii) which is identified in a published list.\n6. The term \u201cControlling Persons\u201d means the natural persons who exercise\ncontrol over an Entity. In the case of a trust, such term means the settlor(s), the\ntrustee(s), the protector(s) (if any), the beneficiary(ies) or class(es) of\nbeneficiaries, and any other natural person(s) exercising ultimate effective\ncontrol over the trust, and in the case of a legal arrangement other than a trust,\nsuch term means persons in equivalent or similar positions. The term\n\u201cControlling Persons\u201d must be interpreted in a manner consistent with the\nFinancial Action Task Force Recommendations.\n7. The term \u201cNFE\u201d means any Entity that is not a Financial Institution.\n8. The term \u201cPassive NFE\u201d means any: (i) NFE that is not an Active NFE; or (ii)\nan Investment Entity described in subparagraph A(6)(b) that is not a\nParticipating Jurisdiction Financial Institution.\n9. The term \u201cActive NFE\u201d means any NFE that meets any of the following\ncriteria:\na)\nless than 50% of the NFE\u2019s gross income for the preceding calendar year\nor other appropriate reporting period is passive income and less than 50%\nof the assets held by the NFE during the preceding calendar year or other\nappropriate reporting period are assets that produce or are held for the\nproduction of passive income;\nb)\nthe stock of the NFE is regularly traded on an established securities market\nor the NFE is a Related Entity of an Entity the stock of which is regularly\ntraded on an established securities market;\nc)\nthe NFE is a Governmental Entity, an International Organisation, a Central\nBank, or an Entity wholly owned by one or more of the foregoing;\nd)\nsubstantially all of the activities of the NFE consist of holding (in whole\nor in part) the outstanding stock of, or providing financing and services to,\none or more subsidiaries that engage in trades or businesses other than the\nbusiness of a Financial Institution, except that an Entity does not qualify\nfor this status if the Entity functions (or holds itself out) as an investment\nfund, such as a private equity fund, venture capital fund, leveraged buyout\nfund, or any investment vehicle whose purpose is to acquire or fund\ncompanies and then hold interests in those companies as capital assets for\ninvestment purposes;\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2020\nPage 53\n\ne)\nthe NFE is not yet operating a business and has no prior operating history,\nbut is investing capital into assets with the intent to operate a business other\nthan that of a Financial Institution, provided that the NFE does not qualify\nfor this exception after the date that is 24 months after the date of the initial\norganisation of the NFE;\nf)\nthe NFE was not a Financial Institution in the past five years, and is in the\nprocess of liquidating its assets or is reorganising with the intent to\ncontinue or recommence operations in a business other than that of a\nFinancial Institution;\ng)\nthe NFE primarily engages in financing and hedging transactions with, or\nfor, Related Entities that are not Financial Institutions, and does not\nprovide financing or hedging services to any Entity that is not a Related\nEntity, provided that the group of any such Related Entities is primarily\nengaged in a business other than that of a Financial Institution; or\nh)\nthe NFE meets all of the following requirements:\ni)\nit is established and operated in its jurisdiction of residence\nexclusively for religious, charitable, scientific, artistic, cultural,\nathletic, or educational purposes; or it is established and operated in\nits jurisdiction of residence and it is a professional organisation,\nbusiness league, chamber of commerce, labour organisation,\nagricultural or horticultural organisation, civic league or an\norganisation operated exclusively for the promotion of social\nwelfare;\nii)\nit is exempt from income tax in its jurisdiction of residence;\niii) it has no shareholders or members who have a proprietary or\nbeneficial interest in its income or assets;\niv) the applicable laws of the NFE\u2019s jurisdiction of residence or the\nNFE\u2019s formation documents do not permit any income or assets of\nthe NFE to be distributed to, or applied for the benefit of, a private\nperson or non- charitable Entity other than pursuant to the conduct of\nthe NFE\u2019s charitable activities, or as payment of reasonable\ncompensation for services rendered, or as payment representing the\nfair market value of property which the NFE has purchased; and\nv)\nthe applicable laws of the NFE\u2019s jurisdiction of residence or the\nNFE\u2019s formation documents require that, upon the NFE\u2019s liquidation\nor dissolution, all of its assets be distributed to a Governmental Entity\nor other non-profit organisation, or escheat to the government of the\nNFE\u2019s jurisdiction of residence or any political subdivision thereof.\nE. Miscellaneous\n1. The term \u201cAccount Holder\u201d means the person listed or identified as the holder\nof a Financial Account by the Financial Institution that maintains the account.\n\nSCHEDULE\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 54\nRevised as at 31st December, 2020\nc\n\nA person, other than a Financial Institution, holding a Financial Account for\nthe benefit or account of another person as agent, custodian, nominee,\nsignatory, investment advisor, or intermediary, is not treated as holding the\naccount for purposes of the Common Reporting Standard, and such other\nperson is treated as holding the account. In the case of a Cash Value Insurance\nContract or an Annuity Contract, the Account Holder is any person entitled to\naccess the Cash Value or change the beneficiary of the contract. If no person\ncan access the Cash Value or change the beneficiary, the Account Holder is\nany person named as the owner in the contract and any person with a vested\nentitlement to payment under the terms of the contract. Upon the maturity of a\nCash Value Insurance Contract or an Annuity Contract, each person entitled to\nreceive a payment under the contract is treated as an Account Holder.\n2. The term \u201cAML\/KYC Procedures\u201d means the customer due diligence\nprocedures of a Reporting Financial Institution pursuant to the anti-money\nlaundering or similar requirements to which such Reporting Financial\nInstitution is subject.\n3. The term \u201cEntity\u201d means a legal person or a legal arrangement, such as a\ncorporation, partnership, trust, or foundation.\n4. An Entity is a \u201cRelated Entity\u201d of another Entity if (i) either Entity controls\nthe other Entity; (ii) the two Entities are under common control; or (iii) the two\nEntities are Investment Entities described in subparagraph A(6)(b), are under\ncommon management, and such management fulfils the due diligence\nobligations of such Investment Entities. For this purpose control includes direct\nor indirect ownership of more than 50 % of the vote and value in an Entity.\n5. The term \u201cTIN\u201d means Taxpayer Identification Number (or functional\nequivalent in the absence of a Taxpayer Identification Number).\n6. The term \u201cDocumentary Evidence\u201d includes any of the following:\na)\na certificate of residence issued by an authorised government body (for\nexample, a government or agency thereof, or a municipality) of the\njurisdiction in which the payee claims to be a resident.\nb)\nwith respect to an individual, any valid identification issued by an\nauthorised government body (for example, a government or agency\nthereof, or a municipality), that includes the individual\u2019s name and is\ntypically used for identification purposes.\nc)\nwith respect to an Entity, any official documentation issued by an\nauthorised government body (for example, a government or agency\nthereof, or a municipality) that includes the name of the Entity and either\nthe address of its principal office in the jurisdiction in which it claims to\nbe a resident or the jurisdiction in which the Entity was incorporated or\norganised.\ne)\nany audited financial statement, third-party credit report, bankruptcy\nfiling, or securities regulator\u2019s report.\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2020\nPage 55\n\nWith respect to a Pre-existing Entity Account, Reporting Financial Institutions\nmay use as Documentary Evidence any classification in the Reporting\nFinancial Institution's records with respect to the Account Holder that was\ndetermined based on a standardised industry coding system, that was recorded\nby the Reporting Financial Institution consistent with its normal business\npractices for purposes of AML\/KYC Procedures or another regulatory\npurposes (other than for tax purposes) and that was implemented by the\nReporting Financial Institution prior to the date used to classify the Financial\nAccount as a Pre-existing Account, provided that the Reporting Financial\nInstitution does not know or does not have reason to know that such\nclassification is incorrect or unreliable. The term \u201cstandardised industry coding\nsystem\u201d means a coding system used to classify establishments by business\ntype for purposes other than tax purposes.\n7. The term \u201cForeign Jurisdiction\u201d means any jurisdiction other than the\njurisdiction of the Reporting Financial Institution.\nSection IX: Effective Implementation\nA. A jurisdiction must have rules and administrative procedures in place to ensure\neffective implementation of, and compliance with, the reporting and due diligence\nprocedures set out above including:\n1. rules to prevent any Financial Institutions, persons or intermediaries from\nadopting practices intended to circumvent the reporting and due diligence\nprocedures;\n2. rules requiring Reporting Financial Institutions to keep records of the steps\nundertaken and any evidence relied upon for the performance of the above\nprocedures and adequate measures to obtain those records;\n3. administrative procedures to verify Reporting Financial Institutions\u2019\ncompliance with the reporting and due diligence procedures; administrative\nprocedures to follow up with a Reporting Financial Institution when\nundocumented accounts are reported;\n4. administrative procedures to ensure that the Entities and accounts defined in\ndomestic law as Non-Reporting Financial Institutions and Excluded Accounts\ncontinue to have a low risk of being used to evade tax; and\n5. effective enforcement provisions to address non-compliance.\n\nSCHEDULE\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 56\nRevised as at 31st December, 2020\nc\n\n Jurisdictions that are to be treated as Reportable Jurisdictions for\nthe purposes of the Common Reporting Standard\nFOR REPORTS DUE IN 2017 ONWARDS\nArgentina\nGreenland\nMexico\nBelgium\nGuernsey\nMontserrat\nBulgaria\nHungary\nNetherlands\nColombia\nIceland\nNorway\nCroatia\nIndia\nPoland\nCyprus\nIreland\nPortugal\nCzech Republic\nIsle of Man\nRomania\nDenmark\nItaly\nSan Marino\nEstonia\nJersey\nSeychelles\nFaroe Islands\nKorea\nSlovak Republic\nFinland\nLatvia\nSlovenia\nFrance\nLiechtenstein\nSouth Africa\nGermany\nLithuania\nSpain\nGibraltar\nLuxembourg\nSweden\nGreece\nMalta\nUnited Kingdom\n\nFOR REPORTS DUE IN 2018 ONWARDS (IN ADDITION TO THE ABOVE)\nAndorra\nCura\u00e7ao\nPanama\nAntigua and Barbuda\nDominica\nRussian Federation\nAruba\nGrenada\nSaint Kitts and Nevis\nAustralia\nHong Kong (China)\nSaint Lucia\nAustria\nIndonesia\nSaint Vincent and the Grenadines\nAzerbaijan\nIsrael\nSamoa\nBarbados\nJapan\nSaudi Arabia\nBelize\nLebanon\nSingapore\nBrazil\nMacau (China)\nSint Maarten\nBrunei Darussalam\nMalaysia\nSwitzerland\nCanada\nMauritius\nTrinidad and Tobago\nChile\nMonaco\nTurkey\nChina\nNew Zealand\nUruguay\nCook Islands\nNiue\nVanuatu\nCosta Rica\nPakistan\n\nFOR REPORTS DUE IN 2019 ONWARDS (IN ADDITION TO THE ABOVE)\nGhana\nKuwait\n\nFOR REPORTS DUE IN 2020 ONWARDS (IN ADDITION TO THE ABOVE)\nEcuador\nMaldives\nOman\nKazakhstan\nNigeria\nPeru\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2020\nPage 57\n\nPublication in consolidated and revised form authorised by the Cabinet this 5th day\nof January, 2021.\nKim Bullings\nClerk of the Cabinet\n\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\nENDNOTES\n\nc\nRevised as at 31st December, 2020\nPage 59\n\nENDNOTES\nTable of Legislation history:\nSL #\nLaw #\nLegislation\nCommencement\nGazette\n\n56\/2020 Citation of Acts of Parliament Act, 2020\n3-Dec-2020\nLG89\/2020\/s1\n9\/2020\n Tax Information Authority (International Tax Compliance)\n(Common Reporting Standard) (Amendment) Regulations, 2020\n20-Feb-2020\nLG12\/2020\/s1\n6a\/2020\n Notice: Common Reporting Standard List of Reportable\nJurisdictions\n25-Feb-2020 GE14\/2020\/p1\n\n Tax Information Authority (International Tax Compliance)\n(Common Reporting Standard) Regulations (2018 Revision)\n27-Mar-2018 GE25\/2018\/s9\n79\/2016\n Tax Information Authority (International Tax Compliance)\n(Common Reporting Standard) (Amendment) Regulations, 2016\n19-Dec-2016 G26\/2016\/s10\n61\/2015\n Tax Information Authority (International Tax Compliance)\n(Common Reporting Standard) Regulations, 2015\n16-Oct-2015 GE80\/2015\/s1\n\nENDNOTES\nTax Information Authority (International Tax Compliance) (Common\nReporting Standard) Regulations (2021 Revision)\n\nPage 60\nRevised as at 31st December, 2020\nc\n\n(Price: $12.00)","akn_extracted_at":"2026-06-22 15:40:46.508759+00","cms_id":"2015-0061","law_type":"subordinate","year":"2015","number":"61","title":"Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations","status":"in_force"},"provenance":{"files":[{"file_id":"5420","expr_id":"453","kind":"akn_xml","filename":"2015-0061_2021 Revision.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2015\/2015-0061\/2015-0061_2021 Revision.akn.xml","content_md5":"a0f292781e5eda3e8ddf7214f9a1178f","byte_size":"127918","http_last_modified":null,"fetched_at":"2026-06-22 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23:09:38.075186+00"}],"paragraph_count":39,"latest_history":null},"quality":{"expr_id":"453","doc_id":"453","quality_state":"needs_review","quality_score":"72","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise,paragraph_numbering_problem}","llm_categories":"{truncated_text,other}","repair_actions":"{collapse_duplicate_text,manual_review,rebuild_paragraphs,reextract_full_text,strip_page_furniture}","finding_severity_counts":"{\"low\": 1, \"medium\": 1}","finding_summary":"Sample ends mid\u2011regulation and contains an unexpected country listing; review for completeness and correct segmentation.","assessed_at":"2026-06-22 15:29:46.158143+00","updated_at":"2026-06-22 15:29:46.158143+00"}}