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Industry Updates

FATCA Reporting: Automatic Exchange of Information Portal Opens

21 Mar 2015

The Tax Information Authority ("TIA") has announced the opening of the Automatic Exchange of Information ("AEOI") portal for the purposes of Reporting Financial Institutions ("RFIs") undertaking their "Notification" and "Reporting" obligations to the TIA.  The Tax Information Authority (International Tax Compliance) (United States of America) Regulations, 2014 (the "US Regulations") and the Tax Information Authority (International Tax Compliance) (United Kingdom) Regulations, 2014 (the "UK Regulations") require RFIs to conduct US and UK FATCA style account due diligence with associated reporting requirements.  

The link to notify/register via the portal can be found on the TIA website 1

A User Guide in relation to the AEOI portal has also been posted on the TIA website. 

In connection with our prior update on notification deadlines, we confirm that the deadline under the US Regulations for notification/registration with the TIA has been extended to 30 April 2015.  The deadline for notification/registration under the UK Regulations has also been changed to 30 April 2016. 

In addition, we understand that the obligation for RFIs to submit nil returns on reporting (i.e. when they had no reportable accounts) shall be removed.  RFIs will still be able to submit nil returns voluntarily, if they wish to do so.  Despite the removal of the requirement to file nil returns on reporting, RFIs shall still be obliged to effect notifications/registrations as outlined above. 

For further information or advice on the notification deadlines or the Portal please speak with your usual Maples and Calder contact.  For further information on FATCA services and solutions please speak with your usual MaplesFS contact.  Additionally, you may speak with any one of the above members of our dedicated FATCA team. 

On the left navigation, select "Automatic Exchange of Information (AEOI)" then "Cayman AEOI Portal Initial Setup (Notification)".

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