Multilateral Competent Authority Agreement (CRS MCAA)

Summary

This is the OECD Multilateral Competent Authority Agreement (MCAA) on the Common Reporting Standard, as published by the BVI International Tax Authority. It is the framework agreement between tax authorities (Competent Authorities) of participating jurisdictions that operationalises automatic exchange of financial account information under the Convention on Mutual Administrative Assistance in Tax Matters. The document sets out how, when and what information Competent Authorities exchange with each other, rather than imposing direct obligations on private entities.

• Scope of exchange: Competent Authorities annually and automatically exchange information on Reportable Accounts held by Reportable Persons of other Jurisdictions, including account holder identity, account number, institution details, balances and income/proceeds figures, as set out in Section 2.
• Timing: Information must be exchanged within nine months after the end of the calendar year to which it relates, once both Competent Authorities have the Agreement in effect and domestic CRS legislation in force.
• Format and transmission: Exchanges must use the CRS XML schema, with transmission and encryption methods agreed and recorded in Annex B.
• Compliance and errors: A Competent Authority must notify another if it has reason to believe reporting errors or non-compliance by a Reporting Financial Institution has occurred; the notified authority must take appropriate domestic measures to address it.
• Confidentiality: Exchanged information is subject to Convention confidentiality rules and any additional safeguards specified in Annex C; breaches must be notified immediately to the Co-ordinating Body Secretariat.
• Notifications to activate exchange: Each Competent Authority must notify the Co-ordinating Body Secretariat of its implementing laws, effective dates, transmission methods, data safeguards and the list of counterpart jurisdictions before the Agreement takes effect between two authorities.
• Suspension and termination: A Competent Authority may suspend exchange immediately on finding significant non-compliance by a counterpart, or terminate participation on 12 months written notice to the Secretariat.

The version reproduced here is the standard MCAA template with Annexes A through F (non-reciprocal jurisdictions, transmission methods, data safeguards, confidentiality questionnaire, list of authorities in effect, and intended exchange dates) left as placeholders marked 'To be completed', rather than a jurisdiction-specific signed schedule. Compliance officers should treat this as background on the intergovernmental CRS exchange mechanism underlying BVI financial institutions' domestic CRS reporting duties, not as a document that itself creates filing obligations for financial institutions.

Key obligations

• Competent Authorities must annually and automatically exchange specified Reportable Account information with counterpart Competent Authorities with which the Agreement is in effect
• Competent Authorities must exchange information within nine months after the end of the relevant calendar year
• Competent Authorities must notify counterparts of suspected reporting errors or non-compliance by a Reporting Financial Institution, and the notified authority must take appropriate domestic measures to address it
• Competent Authorities must notify the Co-ordinating Body Secretariat immediately of any breach of confidentiality or failure of safeguards, including sanctions and remedial actions taken
• Competent Authorities must notify the Co-ordinating Body Secretariat of their implementing laws, effective dates, transmission and encryption methods, data safeguards, confidentiality measures, and list of intended counterpart jurisdictions, and must promptly notify any subsequent changes to these
• A Competent Authority terminating participation must give 12 months written notice to the Co-ordinating Body Secretariat

Applies to

Competent Authorities (tax authorities) of participating Jurisdictions, Reporting Financial Institutions (indirectly, via domestic CRS legislation referenced by this Agreement)

Deadlines

• within nine months after the end of the calendar year to which the information relates: Deadline for Competent Authorities to exchange Reportable Account information under Section 2
• 12 months after the date of the notice of termination, effective the first day of the following month: Effective date of a Competent Authority's termination of participation in the Agreement
• one month after the date of the last signature of a written amendment, effective the first day of the following month: Effective date of an amendment to the Agreement unless otherwise agreed