In June 2015, the OECD Committee on Fiscal Affairs (CFA) approved a model protocol to the agreement. The standard protocol can be used by legal systems if they wish to extend the scope of their existing TIEAs to the automatic and/or spontaneous exchange of information. In this way, jurisdictions may base a bilateral agreement on the competent authority for the purpose of introducing the automatic exchange of information in accordance with the common information standard or the automatic exchange of country reports on an TIEA, in particular where the automatic exchange of information under a relevant multilateral agreement of the competent authority is not (yet) possible. The introduction to automatic exchange of information, including the Foreign Account Tax Compliance Act (known as FATCA) and the Common Information Standard (CRS), is available under: Tax Evasion at Sea – Overview and Practice: Automatic Exchange of Information – Breakdown. This exchange of information on request was supplemented by an automatic procedure on 29 October 2014.  The automatic process should be based on a common reporting standard. Exchange of information on request under the Model Convention has become the recognised standard for international tax transparency and cooperation This Agreement, published in April 2002, is not a binding instrument, but includes two model bilateral agreements. A large number of bilateral agreements have been based on this agreement (see below). The 12 pioneer. The Cayman Islands Tax Information Exchange Agreement was signed in August 2009 with New Zealand and the jurisdiction was elevated to the «white list» of countries that have «essentially implemented» the tax standard internationally adopted by the OECD. Since then, the number of TIEAs in force has increased. Legal systems may also choose to use the text of the articles of the Model Protocol if they wish to include in a new TIEA the provisions on the automatic and spontaneous exchange of information. The Cayman Islands also had eight bilateral tax information agreements at that time, including the recent agreements with the Nordic countries.
At that time, the Cayman Islands` tax information exchange network included four of the seven G7 countries and seventeen of the 30 OECD member countries. The purpose of this Agreement is to promote international cooperation in tax matters through the exchange of information. It was developed by the OECD Global Forum Working Group on Effective Exchange of Information. A TIEA is a bilateral agreement in which jurisdictions agree on cooperation in tax matters through the exchange of information. In accordance with the model agreement, the exchange of information takes place only on request (as opposed to the automatic or spontaneous exchange of information) and each TIEA sets out guidelines and criteria according to which the requesting party must submit its request for information. The requesting party may only request predictable information for the management and enforcement of its laws. It may not participate in fishing expeditions or request information which is probably not relevant to the tax affairs of a particular taxable person. . . .