Amendment of regulation 6 (reporting obligation)
This section has no associated Explanatory Memorandum
6.—(1) For regulation 6(1) substitute—
“(1) A reporting financial institution must, in respect of the first reporting year and every following calendar year, make a return setting out the information required to be reported under the relevant agreement in relation to—
(a)each reportable account that is maintained by the institution at any time during the calendar year in question, and
(b)each pre-existing account identified as a reportable account by the institution at any time during the calendar year in question.”.
(2) For regulation 6(3)(b) substitute—
“(b)in relation to an account identified as a reportable account for the purposes of the CRS, set out in Section I of the CRS (ignoring paragraph F of Section I),”.