FATCA / CRS
Do Financial Institutions Such as Custodial Institutions, Need to Be Supervised by a Country’s Domestic Financial Regulations to Qualify as a FI for the Common Reporting Standard (CRS)?
OECD Commentary page 159 – 160 on CRS section VIII Financial Institutions
The term “Financial Institution” means a Custodial Institution, a Depository Institution, an Investment Entity, or a Specified Insurance Company, as defined in subparagraph A(3) – (8).
Whether an Entity is subject to financial laws and regulations of a Participating Jurisdiction or is subject to supervision and examination by agencies having regulatory oversight of Financial Institutions, is relevant to, but not necessarily determinative of, whether that Entity qualifies as a Financial Institution under subparagraph A(3) – (8).
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