Under the domestic regime, the initial reporting obligation falls on the promoter of the arrangements. If there is no promoter, or if the promoter claims legal and professional privilege, then the reporting obligation falls to the participant in the arrangements. In certain circumstances, the marketer of the arrangement may also have a requirement to disclose.
Under the cross-border regime, the initial reporting obligation falls on the intermediary. If there is no intermediary, or if they claim legal and professional privilege, then the reporting obligation falls to the participant in the arrangements.