ARTICLE · 12 MAY 2017

CRS Regulations Issued – What Bermuda Reporting Financial Institutions Need To Know

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The Bermuda Government has issued the highly anticipated Common Reporting Standard (CRS) Regulations setting out the CRS obligations that Bermuda Reporting Financial Institutions must comply with.

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The Bermuda Government has updated the International Cooperation (Tax Information Exchange Agreements) Act 2005 (TIEA Act) and issued the highly anticipated Common Reporting Standard (CRS) Regulations setting out the CRS obligations that Bermuda Reporting Financial Institutions must comply with.

The aim of this bulletin is to highlight key changes that Bermuda Reporting Financial Institutions should take note of, as well as provide reminders of existing obligations and outline the next steps for Bermuda Reporting Financial Institutions.

Key Changes

Notification: Bermuda Reporting Financial Institutions (i.e. Custodial Institutions, Depository Institutions, Investment Entities and Specified Insurance Companies that are caught under the CRS) will have to notify the Ministry of their status as a reporting entity (by registering with the Ministry on the Bermuda Electronic Reporting Portal) by 14 July, 2017, including the submission of contact details of a principal

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