FinCEN Unveils FBAR Deadline Extension for Investment Advisers

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The Financial Crimes Enforcement Network unveils guidance granting a one-year extension to certain employees and officers of investment advisers with signature authority over foreign financial accounts who are required to report those accounts to the government. In Notice 2011-2, FinCEN extends a filing deadline for the Report of Foreign Bank and Financial Account from June 30, 2011, to June 30, 2012. The extension applies to individuals working for advisers registered with SEC. To qualify, the individuals must have signature or other authority over, but no financial interest in, foreign financial accounts of persons registered under the Investment Company Act of 1940.