Cayman fund and manager compliance with CRS
Published: 18 April 2017
The Cayman Islands implemented the OECD’s Common Reporting Standard (CRS) with effect from 01 January 2016 pursuant to regulations adopted in 2015 and which were amended at the end of 2016 to introduce criminal sanctions for non-compliance (legislation here). The main CRS landing webpage of the TIA (Tax information Authority) can be found here. In contrast to the FATCA framework, under the implementation of CRS in the Cayman Islands managers have no clear exemption from registration, and so now are subject to CRS compliance obligations and review processes. Simmons & Simmons have recently summarised the key milestones and obligations that managers and funds should be completing (article - here). for further information, please contact Paul Hale and Enrique Clemente.