The European Commission recently published its much-anticipated list of non-cooperative tax jurisdictions. See “How the E.U. Tax Haven Blacklist May Affect Private Funds Formed in Blacklisted Jurisdictions” (Nov. 2, 2017). The list is effectively split in two: 17 non-E.U. jurisdictions are included on a so-called “blacklist”; and a further 47 are included on a so-called “grey list.” Of the two, the grey list is of significantly greater interest and importance to the private funds industry, as it contains a number of jurisdictions in which advisers to private funds frequently elect to form offshore investment vehicles, including the Cayman Islands, Bermuda, Jersey and Guernsey. In a guest article, Will Smith and Caleb McConnell, partner and associate, respectively, at Sidley Austin, review the composition of jurisdictions on the blacklist and the grey list; the impact to private funds that are organized in those locales; and steps that must be taken by grey-listed jurisdictions to avoid future blacklist status. For additional coverage of the U.K.’s approach to combatting tax evasion, see “U.K. Proposes Legislation to Impose Criminal Liability on Companies and Partnerships Whose Employees and Other Agents Facilitate Tax Evasion (Part One of Two)” (Feb. 23, 2017); and “How U.S. Private Fund Managers May Avoid Running Afoul of Proposed U.K. Legislation Criminalizing the Facilitation of Tax Evasion (Part Two of Two)” (Mar. 2, 2017). For further commentary from Smith on tax issues, see “Recent Tax Developments May Make U.K. Limited Companies More Favorable Than U.K. LLPs for U.S. Fund Managers” (Apr. 20, 2017).