5. Montserrat has legislation relating to undertakings for collective investment that is deemed to be equivalent in its effect to the EC legislation referred to in Articles 2 and 6 of the Directive.
Montserrat and the United Kingdom hereinafter referred to as a “contracting party” or the “contracting parties” unless the context otherwise requires, have agreed to conclude the following agreement which contains obligations on the part of the contracting parties only and provides for the automatic exchange of information between the contracting parties in respect of interest payments made by a paying agent established in a contracting party to an individual resident in the other contracting party.
For the purposes of this Agreement the term `competent authority' when applied to the contracting parties means the Commissioners of Inland Revenue or their authorised representative with respect to the United Kingdom and the Inland Revenue Department with respect to Montserrat.