Breakfast briefing | KPMG | QM

CRS and Jersey Regulations on Country-by-Country Reporting

Breakfast briefing

14 December 2016, 8:00AM - 9:45AM, GMT Jersey, Jersey

An update on the OECD’s Common Reporting Standard for Automatic Exchange of Information (“CRS”) and the Jersey regulations on Country-by-Country Reporting (“CbCR”). 

There have been a number of developments that will affect the practical application of the CRS regulations impacting Financial Institutions (“FIs”) in Jersey. 

In addition to this, the Chief Minister’s Department issued a public consultation on the introduction of CbCR in January 2016. Following response to the consultation in April 2016, the Government of Jersey has now published draft regulations for purposes of implementing the CbCR for the accounting periods beginning on or after 1 January 2016.

The draft regulations provide further clarity on the obligations placed on certain companies of large groups. The obligations apply not only to Jersey resident parents but also certain Jersey resident subsidiaries of large Groups.

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Agenda

Our seminar aims to provide clarity on these developments and will address some of the following areas:

  • What lessons did we learn from FATCA that are useful in dealing with CRS?
  • Provide an overview of the procedures Jersey FIs should have in place and detail their current obligations
  • The OECD has expressed concern regarding jurisdictions that deviate from the CRS definition of Investment Entities; as such, do Jersey trust and company service providers need to reclassify their underlying entities for CRS?
  • With which jurisdictions will Jersey be exchanging?
  • FATCA, should sponsoring entities be registering their sponsored entities?

 

Speakers Guide

For further information, please contact tammywilkinson@kpmg.com

Event resources