Common use of CRS Clause in Contracts

CRS. Following the creation of the Common Reporting Standard (“CRS”), as introduced by the Organization for Economic Cooperation & Development ("OECD") for automatic exchange of tax related information for individuals and entities, the Company, being a financial institution within the participating jurisdiction, is required to collect and report specific information about client(s) who fall under the reportable category, to the local authority. In this regard, the Company shall determine whether the Client, being an account holder of a financial account, either as an entity or an individual, is considered a “tax reportable person” i. e. if the Client is considered being a resident of any of the participating jurisdictions for tax purposes. In cases where the Client is considered a tax reportable person, the Company shall perform the relevant reporting to the local authorities. It is the Client’s duty and responsibility to declare to the Company if the Client falls under the category of tax reportable person, as per OECD, and to define the relevant jurisdiction. The Client agrees and acknowledges that the Company shall disclose the information for the purposes of CRS reporting, and the Client undertakes to inform the Company, in writing, immediately, of any changes to information previously provided. The Client furthermore agrees that any information provided to the Company in any form, including information on controlling persons of legal entities, along with the “Tax identification number” (“TIN”) shall be used for reporting purposes. Any information regarding the current and future status of the Client’s financial accounts, including the balances, along with relevant personal information may be reported. The Client understands and agrees that the Company does not provide the Client with tax advice and/or to perform any legal analysis to determine the reasonableness of self-certifications. It is recommended to consult a professional tax advisor or visit the OECD’s “Automatic Exchange of Information” website for further information.