Under the Common Reporting Standard Order, in most cases, a trust would be classified as either a reporting financial institution (FI) or a passive non-financial entity (passive NFE). If the trust is an IF, the trust or trustee is required to report to its local tax authority in Cyprus in respect of reportable accounts. The trust is widely regarded as the most innovative contribution to the English legal system.  [Verification required] Today, trusts play an important role in most common law systems, and their success has led some civil jurisdictions to include trusts in their civil laws. In Curaçao, for example, the Trust was enlisted on 1 January 2012; However, the Civil Code of Curaçao only allows explicit trusts formed by notarial deed. .