Form of return

(1) A reporting financial institution shall make an information return under section 11 electronically using the prescribed form and in a manner specified by the competent authority that incorporates an electronic validation process. (2) The competent authority shall treat a return made otherwise than in accordance with sub-section (1) as not having been made. (3) The competent authority shall assume unless the contrary is proved that– (a) the use of the electronic returns system specified by the competent authority resulted in a return having been made if the return was recorded by the electronic validation process of the system; (b) the return was made at the time recorded by the electronic validation process; and (c) the person who made the return is the person identified as doing so by electronic return system. (4) The competent authority shall report a return made on behalf of a reporting financial institution as being purportedly made by the reporting financial institution, unless the reporting financial institution proves that the return was made without the reporting financial institution’s authority.