Guernsey And Jersey Issue Draft Guidance Notes For FATCA-Based Reporting

INTRODUCTION

On 31 January 2014 the Crown Dependencies of Guernsey and Jersey jointly issued draft Guidance Notes (in conjunction with the Isle of Man) on the implementation of obligations arising under the intergovernmental agreements ("IGAs") signed by each island with the UK in October 2013 and with the US in December 2013. The draft Guidance Notes, as currently published, are substantially the same for each island, subject to certain island-specific differences. The current draft is to be to be regarded as a work in progress and the views of local industry in each island are being sought.

The draft Guidance Notes state that any comments submitted by 14 March 2014 will be fully considered. The intention is to publish revised draft Guidance Notes by 31 March 2014.