Cayman Islands Issue OECD Common Reporting Standard Penalty Regulations

The Cayman Islands Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016 (the "Regulations") were issued on 19 December 2016.

The Regulations amend the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 currently in force in the Cayman Islands and contain the enforcement powers of the Tax Information Authority ("TIA") and related penalty provisions.

We are in the process of considering the Regulations and will provide a more detailed update in due course.

However, preliminary points of note include the following:

(a)  All Cayman Islands Financial Institutions now have obligations under the Regulations, albeit these differ as between Reporting Financial Institutions ("RFIs") and Non-Reporting Financial Institutions ("NRFIs")