The Common Reporting Standard (CRS) is an initiative of the Organisation for Economic Cooperation and Development (OECD) for the automatic exchange of financial account information. There are currently 74 signatories of Multilateral Competent Authority Agreements: http://www.oecd.org/ctp/exchange-of-tax-information/MCAA-Signatories.pdf.
CRS has been implemented in the European Union by way of Council Directive 2014/107/EU as regards mandatory automatic exchange of information in the field of taxation. The purpose is to increase in the efficiency of tax collection and combat cross-border tax fraud and tax evasion by reducing unreported and untaxed income.
The new local Tax Procedure Code implementing Council Directive 2014/107/EU as regards mandatory automatic exchange of information in the field of taxation becomes effective as of 01.01.2016. SAI Erste Asset Management is required to implement the new reporting and due diligence rules as of the same date.