DAC6/MDRs Guidance & Materials
your one-stop shop for the materials needed to fulfil past, on-going and future CRS and FATCA compliance needs
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The Organisation for Economic Co-operation and Development‘s Common Reporting Standard (CRS)–a cross-border account holder disclosure regime in force in over 100 countries worldwide, including most of the world’s leading financial centres–requires that entities qualifying as Financial Institutions, including banks, trusts/foundation and investment companies and funds, identify and disclose the account holders and/or beneficial owners of the financial accounts they maintain. This information is automatically exchanged with the tax authorities in the jurisdiction of residence of the account holders and/or beneficial owners. Non-compliance with the regime is subject to severe penalties and enforcement through audits and other requirements is increasing. In many jurisdictions, a written CRS compliance program is mandatory.
The General Store DAC6 Guide for Fiduciaries helps trustees and other fiduciaries navigate the compliance landscape of DAC6, clarifying the basic principles of DAC6 as relates to common activities within the private wealth management industry, while also identifying outlying aspects of DAC6 that might capture more exotic types of transactions, and closing with detailed instructions for preparing and submitting DAC6 reports.
The objective of The General Store DAC6 Guide for Fiduciaries is to steer the User through key sections of DAC6 analysis step-by-step, addressing each of the following themes critical for the DAC6 compliance of fiduciaries:
- The reasons and means by which the DAC6 regime classifies fiduciaries as DAC6 Intermediaries or excludes them from the definition;
- The types of cross-border financial transactions and other common fiduciary activities which tend to qualify as Reportable Cross-border Arrangements (RCBAs) and thus necessitate DAC6 reporting and why;
- The reporting consequences and other compliance duties stemming from classification an as Intermediary party involved in reportable transactions; and
- The content and mechanisms of DAC6 reporting
Fulfilling dual purposes, the document provides Users with (i) a blueprint for their anticipated compliance activities in general and (ii) a practical tool for determining the specific consequences deriving from any single Arrangement.USD 1,800.00
This set of three DAC6 Template Notification Letters–
- Legal Professional Privilege (LPP) to Other Intermediaries Notification Template
- Legal Professional Privilege (LPP) to Relevant Taxpayers Notification Template
- Non-EU Intermediary Notification Template
covers typical situations in which a fiduciary cannot submit a DAC6 report. In these situations, the fiduciary‘s disclosure is either barred by Legal Professional Privilege or the fiduciary is not located in an EU jurisdiction and thus not eligible to file a report. As such, the fiduciary is obliged under law (or elects as a client service) to inform other parties to the transaction about the potential DAC6 consequences for them.USD 500.00
The General Store DAC6 Technical Flowcharts guide the User through key sections of DAC6 analysis step-by-step, addressing the themes critical for DAC6 compliance. By assessing each Arrangement and the parties to it, the User of the DAC6 Technical Flowcharts can determine (i) whether an Arrangement qualifies as a Reportable Cross-Border Arrangement and, if so, (ii) the User’s own obligation (or the User’s client’s obligation) to disclose it. These General Store DAC6 Technical Flowcharts are critical tools for fiduciaries, financial advisors, lawyers, accountants and other potential Intermediaries to diagnose their compliance duties under DAC6.USD 999.00
The package includes The General Store DAC6 Guide for Fiduciaries, along with The General Store DAC6 Template Notification Letters for its appendices.USD 2,000.00
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