There are some structures available that could enable you to keep accounts at the exchanges but benefit from the exemption of reporting.
To provide an example:
The CRS amendments allow for an optional new “Non-Reporting Financial Institution” category for genuine non-profit entities if they satisfy certain conditions and undergo adequate verification procedures by tax authorities.
Representatives from the philanthropy sector have highlighted that this can lead to highly undesirable outcomes, requiring genuine public benefit foundations to apply due diligence procedures in respect of all beneficiaries of grant payments and report on grant payments to non-resident beneficiaries, such as for instance disadvantaged students receiving scholarships. At the same time, concerns have been expressed by governments that simply extending the carve-out from the Investment Entity definition to all non-profit Entities could give rise to situations where Investment Entities would circumvent their reporting obligations under the CRS by improperly claiming the status of non-profit Entities.
