The Common Reporting Standard (CRS) is a new global standard for the collection, reporting and exchange of financial account information of foreign tax residents, to combat tax evasion. CRS obligations will apply in Australia from 1 July 2017.

On 22 September 2016, ASX released a consultation paper, Austraclear: New framework to facilitate compliance with the Common Reporting Standard. The consultation paper outlines ASX’s proposal to support Austraclear’s compliance with the CRS by introducing new eligibility criteria for Participants that hold Deposited Securities in the Austraclear System. ASX seeks feedback from stakeholders on the proposed eligibility criteria.

The proposed changes do not affect Austraclear Participants that hold a Cash Record only.

What do I need to do by when?

If your firm is authorised to hold Deposited Securities in the Austraclear System review the proposed eligibility criteria outlined in ASX’s Consultation Paper. If you have any comments on the proposed eligibility criteria, lodge a written submission with ASX by Friday 4 November 2016.

Need more information?

Issued by

Katie McDermott, GM Post Trade Issuer Services Operations

Contact information

Catherine Eakin, Senior Manager & Senior Legal Counsel
+61 (02)  9227 0472
catherine.eakin@asx.com.au

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