Rapport explicatif

3. Both jurisdictions will inform each other regularly on their implementation of the OECD Common Reporting Standard in their respective domestic laws.

4. Both jurisdictions confirm that appropriate voluntary disclosure facilities exist in each jurisdiction which provide the opportunity of a smooth transition to the system of automatic exchange of information.

5. Both jurisdictions will strengthen their cooperation in the area of financial services, and shall:

(a) continue to enable the provision of cross-border financial services and maintain the level of access existing at the date of signature of this declaration without prejudice to EU law. Both sides agree to take up consultations in case developments in European Union law should impair the existing level of access;

(b) enter into a dialogue with a view to further facilitate and improve the provision of financial services between their jurisdictions.

Done in duplicate at Oslo on 18 January 2016

For the Swiss Federal Council: For the Government of Iceland: