« on: December 10, 2015, 04:16:20 PM »
I asked our managers in both e-wallets about the Common Reporting System coming into effect from January 1st 2016 and received the following answer:
“E-money” providers that are governed by the provisions of the European Union Electronic Money Directive (2009/110/EC) (EMD) are not deposit takers for the purposes of the Banking Consolidation Directive (2006/48/EC). Recital 13 to the EMD specifically states that “The issuance of electronic money does not constitute a deposit-taking activity pursuant to Directive 2006/48/EC”, consequently such providers will not fall within the definition of Depository Institution that requires deposits to be accepted in the ordinary course of a banking or similar business.
I also made a search all over the gambling field websites to see if anyone else raised this kind of question and found the following official Skrill statement:
"Our Head of Group Regulatory has recently commented on this matter, and I quote for your reference:
From the latest guidance notes, published by HMRC in September, we conclude that UK licensed e-money institutions, like Skrill Limited, will not be subject to the automatic exchange of information by OECD between countries under the Common Reporting Standards.
The CRS cover entities that fall into certain categories of institutions, which include custodial institutions, depository institutions, investment entities and specified insurance companies. There was some uncertainty as to whether or not E-money institutions might be regarded as depository institutions. The latest guidance notes however specifically state that “E-money” providers that are governed by the provisions of the European Union Electronic Money Directive (2009/110/EC) (EMD) are not deposit takers for the purposes of the Banking Consolidation Directive (2006/48/EC). Accordingly such providers will not fall within the definition of depository institution and therefore also not in the scope of the CRS".
I believe that all these statements are based on the interpretation of this:https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/461418/Guidance_Notes_for_the_Automatic_Exchange_of_Financial_Account_Information.pdf
For as long this interpretation remains as it is, my opinion is that no data will be exchanged.
It would be wise from our community to keep this issue low.