11/07/2016 – The OECD has today released its standardised IT-format for providing structured feedback on exchanged Common Reporting Standard information – the CRS Status Message XML Schema – as well as the related User Guide.
With the first exchanges under the Common Reporting Standard for automatic exchange of financial account information being scheduled for September 2017, jurisdictions are now putting in place the required legislative, operational and IT framework. From an IT perspective, jurisdictions will rely on the CRS XML Schema, developed by the OECD as part of the CRS, for exchanging the information with each other and, in many instances, to receive information from their Financial Institutions.
As the information to be provided through the CRS XML Schema may contain errors, caused by either an incorrect file preparation and/or by incomplete or inaccurate record information, the OECD has now developed the CRS Status Message XML Schema, as well as a User Guide setting out the practical guidelines for using the XML Schema.
The CRS Status Message XML Schema allows Competent Authorities that have received CRS information through the CRS XML Schema to report back to the sending Competent Authority, whether the file received contained any of the file and/or record errors.
In case file errors are discovered, this will generally entail that the receiving Competent Authority is not in a position to open and use the file. Record errors address key issues of data quality of the CRS information received, but do not as such technically impede the receiving Competent Authority from opening and using the file.
The CRS Status Message XML Schema may, in addition to communications between Competent Authorities, also be used by a Competent Authority to provide a status message to its domestic Financial Institutions on file and/or record errors.