In the latest STEP Trust Quarterly Review (TQR), John J. Ryan Jr., President of CISA Trust, provides a critical analysis of the “Amendments to the Common Reporting Standard“. This piece is especially relevant for estate planning and asset management professionals, as it addresses the impact of new due-diligence and reporting requirements introduced in 2023 for trustees.
As a global professional body, STEP (Society of Trust and Estate Practitioners) advocates for high standards in family asset planning. It connects over 21,000 members, including lawyers, accountants, and trustees, sharing knowledge and best practices. These members, known as TEPs (Trust and Estate Practitioners), are recognized experts in their field.
John Ryan’s insightful analysis provides essential guidance on navigating these 2023 changes, making it a vital read for practitioners aiming to stay compliant and informed. His extensive knowledge and experience offer a clear understanding of how these new requirements will affect both trustees and their clients.
Stay informed and ahead in your field by exploring John Ryan’s analysis in the TQR, a publication renowned for its in-depth technical expertise.
Amendments to the Common Reporting Standard Abstract
The Common Reporting Standard (CRS) is a reciprocal, automatic exchange of information (AEOI) mechanism developed by the OECD at the request of the G20 and unveiled in 2014. The first AEOI occurred between the early adopters in 2017 with respect to 2016. The vast majority of jurisdictions have adopted the CRS, which is now the global AEOI standard. The legal structure of the CRS is set out in the text of the CRS and its Commentaries.
The CRS and its Commentaries were amended in 2023 (the Amendments) to introduce new due‑diligence and reporting requirements, and to create a separate reporting framework for crypto‑assets. The Amendments are not yet effective but will come into force when incorporated into local law by CRS jurisdictions, which is not expected to occur before 2026.
This article reviews the Amendments and the basic CRS rules under which financial account information is collected and transmitted by reporting financial institutions, such as banks and securities firms, as well as corporate service providers and trust companies.
John J. Ryan, Amendments to the CRS, STEP Trust Quarterly Review, 2023, Issue 4, page 19
