EU Directive on Administrative Cooperation (the DAC)
Following delivery of the CRS by the OECD in June 2014 the European Union immediately started work on incorporating it into an EU Directive to make automatic exchange of financial account information mandatory between EU Member States. The amendments to the EU Directive on Administrative Cooperation came into force on 5 January 2015.
The CRS contains a number of options that are open to jurisdictions to apply if they choose. The EU Member States came to agreement on which of those should be incorporated into the DAC and therefore applicable across the EU. In addition, some points that arose in the commentary to the CRS that are considered to be necessary for the effective implementation of CRS have been incorporated into the DAC.
The regulations that require UK Financial Institutions to collect, maintain and report information for exchange with EU Member States are The International Tax Compliance Regulations 2015.