The first question most managers ask us about the common reporting standard (CRS) at Citco’s Central FATCA Team is: “Is this just more FATCA?” The answer in a nutshell is… well, yes. But, as the older moniker GATCA implied, this is FATCA on a global scale, with almost 100 countries pledged to participate and agreeing to share tax information on account holders within their jurisdiction with other participating countries. We refer to these regulations – US FATCA, UK CDOT and CRS – collectively as automatic exchange of information (AEOI) regimes.

In August 2015, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking (the “proposed rule”) which, if enacted, will require all SEC-registered investment advisers to establish anti-money laundering (AML) programs and report suspicious activity to FinCEN.

Our list of the latest advice, rulings and technical standards from regulators across the globe

On 25 June 2015, legislation containing the third and final element of Australia’s Investment Manager Regime (IMR 3) was enacted into law.