The automatic exchange of financial account information requires non-financial entities (NFE) to determine whether they qualify as an active NFE or a passive NFE. This determination is particularly important since the beneficial owners of a passive NFE could qualify as reportable persons. Michael Konrad and Alexander Schimek analyze three different “active NFE"-classifications and their similar, but not completely identical, criteria as provided for by US FATCA, the OECD Common Reporting Standard and the Austrian Gemeinsamer Meldestandard-Gesetz (GMSG).
