OECD Common Reporting Standard Implementation In Ireland – Implications For Irish Investment Funds And SPVs

On 18 December 2015, the Regulations implementing the OECD Common Reporting Standard ("CRS") in Ireland were approved by the Irish Parliament.  This update follows on from previous updates published by Maples and Calder Dublin on CRS and US FATCA and outlines the practical next steps for Irish investment funds and SPVs and how Maples and Calder can assist.

CRS – What is it?

The CRS regime is the latest in a series of international automatic exchange of information ("AEOI") initiatives beginning with the EU Savings Directive and including the US FATCA regime.  In recent years, there has been a global move towards greater tax transparency and CRS is the most comprehensive regime to date, covering over 90 countries.  The CRS automatic exchange of information regime has, to a large extent, been inspired by the US FATCA Model 1 IGA mechanics and it should be possible for Financial Institutions to capitalise on the on-boarding and accounts classification processes that