Except as provided below, the deadline for filing Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts) (“FBAR”) is June 30, 2011. Since our April 25, 2011 memorandum on FBAR issues, the Department of the Treasury (“Treasury”) recently issued Notices1 extending the FBAR filing deadline in three limited circumstances.
The FBAR deadline has been extended to November 1, 2011 for persons having signature or other authority over (but no financial interest in) any foreign financial account during 2009 and earlier calendar years.
The FBAR deadline with respect to 2010 and earlier calendar years has been extended to June 30, 2012 for officers and employees of investment advisers registered with the Securities and Exchange Commission (a “RIA”) who have signature or other authority over (but no financial interest in) the foreign financial accounts of persons that are not investment companies registered under the Investment Company Act of 1940 (the “1940 Act”).2 For example, an employee of a RIA that has signature authority (but no financial interest) in a bank account of a private investment fund would qualify for this extension.
The FBAR deadline with respect to 2010 and earlier calendar years has been extended to June 30, 2012 for officers or employees of certain regulated entities (i.e., banks; financial institutions registered with the SEC or CFTC; RIAs; listed companies) (a “Regulated Entity”) having signature or other authority over (but no financial interest in) the foreign financial accounts of an entity more than 50% percent owned (directly or indirectly) by the Regulated Entity (a “Controlled Entity”).3 The extension also applies to officers or employees of a Controlled Entity having signature or other authority over (but no financial interest in) the foreign financial accounts of the Regulated Entity, the Controlled Entity or another Controlled Entity of the Regulated Entity.
Except as noted above, the FBAR filing deadline remains June 30, 2011. It should be noted that Form TD F 90-22.1 must be received by the Treasury (not merely postmarked) no later than June 30, 2011 (or such later due date provided above) to be considered to be timely filed.
If you have any questions regarding this memorandum, please contact one of the attorneys listed below.
______________________________________________________
1 FinCEN Notices 2011-1 and 2011-2; IRS Notice 2011-54.
2 Such officers and employees are exempt from FBAR with respect to the foreign financial accounts of 1940 Act registered investment companies managed by the RIA.
3 Such officers and employees are exempt from FBAR with respect to the foreign financial accounts of the Regulated Entity, except that officers and employees of a RIA are only exempt with respect to the foreign financial accounts of 1940 Act registered investment companies managed by the RIA.
