diablo said:
you sure about this? any public available information?
🙂
Click to expand...
I was talking specifically about the UK, however the first PDF is withdrawn so that ight have changed the conclusion.
1)
https://www.gov.uk/government/uploa...Exchange_of_Financial_Account_Information.pdf (seems to have been withdrawn)
IEIM400740 - International Exchange of Information Manual - HMRC internal manual - GOV.UK (EMI is not listed)
2)
“E-money” providers that are governed by the provisions of the European Union Electronic Money Directive (2009/110/EC) (EMD) are not deposit takers for the purposes of the Banking Consolidation Directive (2006/48/EC). Recital 13 to the EMD specifically states that “The issuance of electronic money does not constitute a deposit-taking activity pursuant to Directive 2006/48/EC”, consequently such providers will not fall within the definition of Depository Institution that requires deposits to be accepted in the ordinary course of a banking or similar business.
The CRS cover entities that fall into certain categories of institutions, which include custodial institutions, depository institutions, investment entities and specified insurance companies. There was some uncertainty as to whether or not E-money institutions might be regarded as depository institutions. The latest guidance notes however specifically state that “E-money” providers that are governed by the provisions of the European Union Electronic Money Directive (2009/110/EC) (EMD) are not deposit takers for the purposes of the Banking Consolidation Directive (2006/48/EC). Accordingly such providers will not fall within the definition of depository institution and therefore also not in the scope of the CRS".
3)
http://www.oecd.org/tax/automatic-exchange/common-reporting-standard/CRS-related-FAQs.pdf
8. E-money providers ”“ qualification as a Depository Institution
What is the status of electronic money providers for CRS purposes?No special rules apply to electronic money providers. Like other financial industry participants, they must determinewhether they are a Financial Institution, as defined by the CRS. That determination will depend on the facts andcircumstances. For instance, in order to determine whether an electronic money provider is a Depository Institution,the analysis must be done with reference to Section VIII(A)(5) and the related Commentary, in particular paragraph 13.
7. Excluded Accounts - low-value electronic money accounts
Under what conditions can electronic money accounts that are Depository Accounts be Excluded Accounts pursuant to Section VIII(C)(17)(g)?The mere fact that a Financial Account is an electronic money account does not by itself enable that Financial Accountto be specified by a jurisdiction in its domestic law as a low-risk Excluded Account. In order for such FinancialAccounts to be specified as Excluded Accounts under the domestic law of an implementing jurisdiction pursuant toSection VIII(C)(17)(g), the jurisdiction needs to ensure that the accounts present a low risk for being used for taxevasion, have substantially similar characteristics to another category of Excluded Accounts and that their status as anExcluded Account does not frustrate the purposes of the CRS.
The Commentary on Section VIII(C)(17)(g) providesexamples of such low-risk jurisdiction-specific Excluded Accounts.As an example of a low-risk Excluded Account in the context of financial inclusion, Example 5 states that aDepository Account subject to financial regulation (i) that provides defined and limited services, so as to increasefinancial inclusion, (ii) on which monthly deposits cannot exceed USD 1 250 and (iii) for which Financial Institutionshave been allowed to apply simplified AML/KYC procedures consistent with the FATF Recommendations may be alow-risk Excluded Account.Provided that electronic money accounts are regulated and meet the requirements of Section VIII(C)(17)(g), they maybe defined as an Excluded Account by the implementing jurisdiction. The above-mentioned example can providefurther illustrative guidance as to when the requirements of Section VIII(C)(17)(g) would be met in the context offinancial inclusion.
