This is an update of our memorandum entitled “Foreign Financial Account Reports Due June 30” dated June 3, 2009.

On June 5, the Internal Revenue Service (the “IRS”) publicly announced that it was temporarily suspending the reporting requirement with respect to foreign financial accounts for those persons who are not U.S. citizens, residents or domestic entities (i.e., foreign persons “in and doing business in the United States”). All persons are therefore permitted to rely upon the definition of “U.S. person” contained in the previous version of the instructions to Form TD F 90-22.1. Under those instructions, a “U.S. person” means (1) a citizen or resident of the United States, (2) a U.S. domestic partnership, (3) a U.S. domestic corporation, or (4) a U.S. domestic estate or trust.

In addition, we have received informal guidance from the IRS that an investment manager of an investment fund which has signature authority over an offshore financial account should file Form TD F 90-22.1 reporting such signature authority. Such a filing is in addition to any filing required by a principal or employee of the investment manager who has signature authority with respect to such account.

If you have any questions regarding reporting of such foreign financial accounts or need assistance completing Form TD F 90-22.1, please call Jim Cofer at (212) 574-1688.