IEIM230200 - Legal framework for exchange: Underlying Agreements: Competent Authority Agreements
Competent Authority Agreements (CAAs) are agreements between Competent Authorities and can cover a wide range of situations. For exchange of information such agreements are linked to a particular international exchange instrument, and set out the way in which a particular type of information will be exchanged. Competent Authority Agreements are a type of Memorandum of Understanding.
Competent Authority Agreements are used to set out formally the way in which Competent Authorities intend to exchange certain information. They will detail, for example, the type of information exchanged, when and how it will be exchanged, and any conditions or prerequisites to the exchange. They will also set out what the underlying purpose is for making the exchange.
The OECD provide model Competent Authority Agreements to establish the necessary framework for exchange under the Common Reporting Standard and Country by Country Reporting.
See also IEIM230210 regarding Multilateral Competent Authority Agreements.