This agreement, published in April 2002, is not a binding instrument, but includes two models of bilateral agreements. Many bilateral agreements are based on this agreement (see below). Most TIEAs are based on the OECD`s model of agreement on the exchange of information on tax issues (convention model) published in 2002. “I am very pleased that this framework has not only been a successful instrument of dialogue, but has also been able to achieve concrete results that members and non-members can use both to improve tax cooperation,” added Johnston. “I congratulate all participants in this work for the excellent work they have produced, especially participants from Aruba, Bermuda, Bahrain, the Cayman Islands, Cyprus, the Isle of Man, Malta, Mauritius, the Netherlands Antilles, Seychelles and San Marino. I am confident that our cooperation on other related issues will be equally fruitful if we make progress in our work with all legal systems that are committed to improving the transparency of their tax and regulatory systems and establishing an effective exchange of information. The legality of intergovernmental agreements (IGAs) has been called into question on the grounds that any agreement between governments binding each government is a treaty. Since the U.S. Constitution does not allow the executive branch to unilaterally implement treaties without Senate approval, many argue that IGAs have no basis in the U.S. Constitution.  IGAs were not described or provided for in fatca laws, but were designed and implemented on the basis that it became clear that fatca would fail without it.
 A TIEA is a bilateral agreement whereby legal systems agree to cooperate in tax matters through the exchange of information. The exchange of information on demand in accordance with the convention model has become the recognized standard of international tax transparency and cooperation. For more information, journalists are encouraged to contact the OECD`s Media Relations Division (tel.  45 24 97 00). The aim of this agreement is to promote international cooperation in tax matters through the exchange of information. It was developed by the OECD Global Forum Working Group on Effective Information Exchange. OECD Secretary-General Donald J. Johnston welcomed the publication of the model and, in particular, the constructive participation of non-member financial centres in this ambition: “I have always said that it is important for the OECD to use new avenues to carry out its work and to seek contributions beyond its own membership.
It is for these reasons that the OECD set up a series of global forums in 2000 that would provide a framework for our discussions with non-OECD economies in some key areas. The exchange of information on request was completed by an automatic procedure on 29 October 2014.  The automatic process must be based on a common reporting standard. Jurisdictions can also use the text of the articles in the model protocol if they wish to include the automatic and spontaneous exchange of information in a new TIEA. 18/04/2002 – The OECD has published a model for the effective exchange of tax information developed by the OECD`s Global Working Group on Effective Information Exchange, involving representatives from several OECD countries and Aruba, Bermuda, Bahrain, the Cayman Islands, Cyprus, the Isle of Man, Malta, Mauritius, the Netherlands Antilles, Seychelles and San Marino.