On 22 December 2016 the Government of Gibraltar published its long awaited Regulations that implement the Common Reporting Standard (“CRS”) into Gibraltar law.
These regulations also implement the EU Directive which implements the CRS between EU Member States. The first reporting period is 2016 with the first report due to be filed with the Gibraltar Government by no later than 31 July 2017.
Key points that Gibraltar financial institutions will need to consider include:
Financial institutions in Gibraltar will now need to act quickly to finalise their CRS implementation programmes. If you have any questions in this area, or require assistance with a reporting solution, please contact Darren Anton.