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DAC6 Package for Fiduciaries
The package includes The General Store DAC6 Guide for Fiduciaries, along with The General Store DAC6 Template Notification Letters for its appendices.
The General Store DAC6 Package for Fiduciaries includes The General Store DAC6 Guide for Fiduciaries, along with The General Store DAC6 Template Notification Letters for its appendices.
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.
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.
The General Store DAC6 Template Notification Letters is a set of three letter, covering 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.
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This resource covers:
- A Fiduciary’s Qualification as an Intermediary
- An Arrangement’s Qualification as a Reportable Cross-Border Arrangement
- The Reporting Obligations of a Fiduciary Qualifying as an Intermediary with respect to a Reportable Cross-Border Arrangement
Non-compliance with an Intermediary’s assorted compliance duties under DAC6 is subject to significant fines (varying per EU jurisdiction).