The OECD have developed the CRS XML Schema, which jurisdictions will rely on to exchange information with each other and to receive information from their financial institutions.

However as the information passed through CRS XML Schema may contain errors the OECD has developed the CRS XML Schema as well as a user guide setting out guidelines on how to use the XML Schema.

The CRS Status Message XML Schema allows competent authorities that have received CRS information through the CRS XML Schema to report back to the sending competent authority, whether the file received contained any of the file and/or record errors.

In case file errors are discovered, this will entail that the receiving competent authority is not in a position to open and use the file. Record errors address key issues of data quality of the CRS information received, but do not as such technically stop the receiving competent authority from opening and using the file.

The CRS Status Message XML Schema can be used by competent authorities to provide a status message to financial institutions on file and/or record errors.

The first exchanges under the CRS for automatic exchange of financial account information are scheduled for September 2017 therefore jurisdictions are now putting in place the required legislative, operational and IT framework.