CRS and AEOI in the Caymans

Cayman Hedge Funds CRS update

Cayman Hedge Funds CRS – Key dates under the Common Reporting Reporting Standards (CRS) Automatic Exchange of Information (AEOI) as follows:

  • Pre-existing Accounts to be subjected to due diligence procedures are those in existence as at 31 December 2015
  • New Accounts requiring self-certification by the customer are those opened on or after 1 January 2016
  • The review of Pre-existing High Value Individual Accounts at 31 December 2015 must be completed by 31 December 2016
  • The first CRS reporting period ends on 31 December 2016
  • Financial Institutions must complete their notifications to the TIA by 30 April 2017 for the 2016 reporting year for CRS
  • Financial Institutions must complete their reporting to the TIA by 31 May 2017 for the 2016 reporting year for CRS
  • First exchanges of information by the TIA to partner jurisdictions will occur on or before 30 September 2017

All Cayman Islands hedge funds should have updated their offering documents and subscription procedures by now. Hedge fund administrators should have updated their systems and procedures to ensure they are on track to meet these deadlines.

Contact us to find out more