Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The OECD adopted the Common Reporting Standard (CRS) in February 2014 to enhance tax compliance and international tax cooperation through automatic exchange of financial account information [18] - Amendments to the CRS were adopted in August 2022, expanding its scope to include electronic money products and central bank digital currencies, and strengthening due diligence and reporting requirements [19] Summary by Sections Section I: General Reporting Requirements - Reporting Financial Institutions must report information regarding each Reportable Account, including account holder details and account balances [24] - The report must identify the currency of each amount reported [28] Section II: General Due Diligence Requirements - Reporting Financial Institutions are required to use reasonable efforts to obtain Tax Identification Numbers (TINs) and dates of birth for Preexisting Accounts [28] - The information reported must include the account balance or value as of the end of the relevant calendar year [28] Section III: Due Diligence for Preexisting Individual Accounts - Specific procedures are outlined for identifying Reportable Accounts among Preexisting Individual Accounts [29] Section IV: Due Diligence for New Individual Accounts - Upon account opening, a self-certification must be obtained to determine the account holder's tax residence [37] Section V: Due Diligence for Preexisting Entity Accounts - Preexisting Entity Accounts with an aggregate balance exceeding USD 250,000 must be reviewed [41] Section VI: Due Diligence for New Entity Accounts - New Entity Accounts must also follow specific review procedures to determine if they are held by Reportable Persons [40] Section VII: Special Due Diligence Rules - Additional rules apply for determining whether an account holder is a Passive Non-Financial Entity (NFE) [43] Section VIII: Defined Terms - Key definitions related to financial institutions and account types are provided to clarify the reporting framework [46][47]