Since the term “investment entity” has been subject to change from its origin in the U.S. Treasury Regulations by both the FATCA IGA Model and the OECD Common Reporting Standard (CRS), it is doubtful whether this term still covers self-managed investment vehicles. Norbert Bramerdorfer and Samir Kovacevic analyze the legal development of the term and conclude that, although the wording differs, its understanding is, by and large, the same in all legal sources of FATCA and the CRS.
