The Organisation for Economic Cooperation and Development (OECD) today released a standardised IT-format—“CRS status message XML schema”—for providing feedback on exchanged common reporting standard (CRS) information.
As explained in today’s OECD release, the first automatic exchanges of financial account information under CRS is scheduled for September 2017, and jurisdictions are now moving to put into place the required legislative, operational, and IT framework. From an IT perspective, jurisdictions will rely on the CRS XML schema for exchanging the information with each other and, in many instances, to receive information from their financial institutions.
To address errors in information to be provided through the CRS XML schema, the OECD also developed a “CRS status message XML schema” as well as a user guide that sets out the practical guidelines for using the XML schema. The CRS status message XML schema will allow Competent Authorities that have received CRS information through the CRS XML schema to report back to the sending Competent Authority, whether the file received contained any of the file and/or record errors. If errors are discovered, this will generally mean that the receiving Competent Authority is not in a position to open and use the file.
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