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ARTICLE · 22 JUNE 2011

Financial Services Alert - June 21 2011

Goodwin Procter LLP
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Two recent notices issued by the Internal Revenue Service (the "IRS") and the U.S. Treasury Department’s Financial Crimes Enforcement Network ("FinCEN") have extended the deadline for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts ("FBAR") by certain individuals with signature authority over, but no financial interest in, foreign financial accounts.

United StatesFinance and Banking
Robert Kurucza
Robert Kurucza

Developments of Note

  • IRS Extends Filing Date for Prior Year FBARs for Individuals with Signature Authority; FinCEN Extends FBAR Filing Date for Officers or Employees of Registered Investment Advisers
  • Banking Agencies Adopt Final Rule Establishing Risk-Based Capital Floor for Large Financial Institutions
  • NASAA Revises Proposed State Adviser Registration Exemptions
  • Massachusetts Issues Consent Order Alleging Selective Dissemination of Unpublished Short Term Trading Ideas to Favored Customers by the Research Department of a Major Broker-Dealer
  • FRB Adopts Final Rule and Interim Final Rule Concerning Capital Requirements for Small Bank Holding Companies Organized as S-Corps or in Mutual Form

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