An update was released recently by the Cayman Islands Department of International Tax Cooperation in relation to the status of the Cayman Automated Exchange of Information Portal (Portal) and the requirement for Cayman Islands Financial Institutions to register with the Cayman Islands Tax Information Authority.

Cayman Islands Financial Institutions will generally be required to register with the Cayman Islands Tax Information Authority, however the deadline for registration has been postponed from March 31, 2015 until April 30, 2015.

It is expected that the Portal will be operational during March and Financial Institutions now have under April 30, 2015 to register their status via the Portal. The first reporting deadline is May 31, 2015 and Financial Institutions should take steps to work to these deadlines.

It is understood that the reporting format will be consistent with the schemas currently published by the US Internal Revenue Service for US FATCA and those published by the OECD for the Common Reporting Standard.