CRS Update And Impending FATCA Return Deadline

Following the expiration of the 29 May 2015 notification deadline with the Cayman Islands Tax Information Authority (the "TIA"), the next step for all Cayman Islands Reporting Financial Institutions (each an "RFI") is to submit a return (the "FATCA Return") setting out certain details of any US Reportable Accounts that they may have maintained during the 2014 calendar year. This may include any pre-existing accounts and new accounts identified as reportable in 2014. As outlined in our prior updates, the FATCA Return is submitted through the TIA'sAutomatic of Exchange of Information Portal (the "Portal") and needs to be submitted on or before 26 June 2015. The FATCA Return can be submitted through the Portal in either XML format or by entering data manually in a web form.