On 31 December 2019, the Isle of Man Treasury released an Industry Advisory Notice to all Isle of Man Financial Institutions and third parties to provide important updates with respect to the Automatic Exchange of Information (“AEOI”) (Link).
- The list of Isle of Man Reportable Jurisdictions that Isle of Man Financial Institutions can rely upon for 2019 reporting can be found in Appendix I of this notice. Isle of Man Financial Institutions and Third Parties reporting on behalf of Isle of Man Financial Institutions are reminded that they should only report in respect of Financial Accounts held by Individuals, Entities or Entities with Controlling Persons resident in the jurisdictions included in the Isle of Man Reportable Jurisdiction list for the year in question.
- A provisional list of Isle of Man Reportable Jurisdictions that Isle of Man Financial Institutions can rely upon for 2020 reporting can be found in Appendix II of this notice.
- Isle of Man Financial Institutions are reminded that they are required to treat ‘managed’ Investment Entities, (or branches thereof) that are resident in (or located in) any Non-Participating Jurisdictions, as Passive NFEs and therefore report on the Controlling Persons of such entities that are Reportable Persons as defined in Section VIII, D.2 of the CRS.
- The List of Participating Jurisdictions has been updated. Four jurisdictions have been removed and should now be treated as Non-Participating Jurisdictions. In addition, one jurisdiction has been added to the latest version of the Participating Jurisdiction list.
- All jurisdictions listed in Appendix III of this notice will be treated as a Participating Jurisdiction for the purpose of the look through provisions for Investment Entities even though information may not be legally exchanged by the Isle of Man Competent Authority with that jurisdiction until the appropriate Agreements are put in place.
Guidance Note 53 on the Common Reporting Standard (“CRS”) (Link) will be updated within the next days accordingly.