China issues formal CRS legislation

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On 19 May 2017, the State Administration of Taxation (SAT), the Ministry of Finance (MOF), the People’s Bank of China (PBOC), the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission (CSRC) and the China Insurance Regulatory Commission (CIRC) finally issued the formal common reporting standards (CRS) legislation, i.e., bulletin No. 14. This provides key provisions on financial institution reporting, reportable financial accounts, due diligence procedures, and information requirements. The reporting standards and due diligence procedures under Bulletin No. 14 are basically consistent with the Organization for Economic Co-operation and Development (OECD) CRS proposal. Bulletin No. 14 took effect on 1 July 2017.

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Business Law Digest is compiled with the assistance of Baker McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker McKenzie by e-mailing Danian Zhang (Shanghai) at: danian.zhang@bakermckenzie.com

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