Declaration on Joining the CRS MCAA (Procès-Verbal of Signature, 2014-10-29)

Summary

This is a one-page OECD proces-verbal recording that on 29 October 2014, the Cayman Islands, represented by the Honourable G. Wayne Panton (then Minister of Financial Services, Commerce and Environment), signed a Declaration joining the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (the CRS MCAA). The document is issued by the OECD's Director for Legal Affairs and simply certifies that, as of that date, the Competent Authority of the Cayman Islands is to be treated as a signatory to the CRS MCAA.

This is a historical/administrative record rather than a piece of domestic legislation or regulatory guidance. It does not itself impose reporting or compliance obligations on financial institutions or other private entities in the Cayman Islands; rather it documents Cayman's government-to-government commitment to participate in automatic exchange of financial account information under the CRS, which was subsequently implemented through domestic CRS regulations and guidance. Compliance officers should view this as background/provenance material explaining the origin of Cayman's CRS regime, not as an operative source of obligations.

Deadlines

• 29 October 2014: Date from which the Competent Authority of the Cayman Islands is considered a signatory to the CRS Multilateral Competent Authority Agreement