Part 1 Introduction
1. Application and defined terms
(1) These Regulations implement the standard for automatic exchange of financial account information in tax matters developed by the OECD, commonly known as the Common Reporting Standard (CRS), for the purpose of giving effect to The Multilateral Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Accountant Information.
(2) These Regulations apply to:
(a) any Reporting Financial Institution subject to the supervision of the Regulatory Authority for purposes of these Regulations;
(b) any Account Holder of a Reportable Account held with a Reporting Financial Institution subject to the supervision of the Regulatory Authority for purposes of these Regulations; and
(c) any other person to whom the Regulations apply.
(3) The defined terms listed in both section 13 and Part 8 of Schedule 1 of these Regulations shall have the corresponding meanings set out therein.
2. Status of OECD publications and material
(1) For the purposes of these Regulations, any explanatory material made and published by the OECD for the purpose of assisting with the interpretation of the Common Reporting Standard, inclusive of any commentary published by the OECD in respect thereof, is an integral part of the Common Reporting Standard and accordingly forms the required rights and obligations under these Regulations.