FBAR Regulations Released

The Treasury Department recently promulgated final regulations under the Bank Securities Act regarding the filing of Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, colloquially referred to as "FBAR." The final regulations do not differ significantly from the proposed regulations that were issued early last year.

Generally, every U.S. person that has a direct ownership interest in, or signature or other similar authority over, a foreign financial account the balance in which exceeded $10,000 at any time during a year must file an FBAR with respect to that account for that year. The FBAR regulations clarify certain details of this filing requirement, and certain aspects of the regulations are of particular interest for investors and managers of investment vehicles.