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). A TIEA is a bilateral agreement between two countries to establish a formal regime for the exchange of tax information. The OECD has established tax transparency standards to facilitate the exchange of tax information, and the CAYMAN Islands and TIEAS are based on the Model Tax Information Exchange Convention. The TIEAs do not provide for the arbitrary transmission of information; The TIEA define strict criteria that should not be used for “fishing expeditions”. 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 first steps towards Tax Information Exchange Agreements (TIEAs) were taken in March 2009, when the Government of the Cayman Islands made arrangements to allow access to comprehensive tax assistance with 20 countries, including the majority of Cayman`s major trading partners. 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.
 In this way, legal systems can then base a bilateral agreement on the competent authority for the purpose of introducing the automatic exchange of information in accordance with the Common Standard of Information or the automatic exchange of country reports on an TIEA, in particular in cases where it is not (yet) possible to automatically exchange information under a relevant multilateral agreement on the competent authority. This exchange of information on request was supplemented by an automatic procedure on 29 October 2014.  The automatic process must be based on a common reporting standard. . . .