Exchange Agreement For- September 19, 2021
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. The legality of intergovernmental agreements (ISAs) has been questioned on the grounds that any agreement between governments that significantly binding any government constitutes a treaty. Since the U.S. Constitution does not allow the executive branch to unilaterally implement treaties without the consent of the Senate, many argue that GAs have no basis in the U.S. Constitution.  THE ISGs were not described or provided for in the Fatca legislation, but were designed and implemented a posteriori, when it became clear that FATCA would fail without it. .