The amendments relate to the implementation of measures regarding the exchange of information to bring the Authority into line with international standards set by the Organisation of Economic Co-operation and Development.

In order to comply with the relevant OECD Global Forum Standards, the DFSA proposes to amend the definition of a Privileged Communication in Schedule 1 of the Regulatory Law 2004 as:

“a communication attracting a privilege arising from the provision of professional legal advice and any other privilege applicable at law, but does not include a general duty of confidentiality.”

The amendments follow concerns expressed at the OECD Global Forum on transparency and exchange of information for tax purposes about the definition of a “privileged communication” in Schedule 1 of the Regulatory Law 2004 and the implications it has for the exchange of information.