This Resolution mandates the implementation of the Common Reporting Standard (CRS) for financial institutions under the Ministry of Finance's direct regulation. It defines the operational powers of the Ministry and the Federal Tax Authority (FTA) in collecting and reviewing financial data. Key obligations include annual reporting by 30 June, Nil Return filings, and a five-year record-keeping requirement. The Resolution incorporates detailed 'Automatic Exchange of Financial Account Information Regulations' in Schedule 1, which govern due diligence for new and pre-existing accounts. It also establishes the FTA as the primary body for enforcing administrative penalties and executing deeds against violators of the Agreement.