8844 Federal Register / Vol. 75, No. 38 / Friday, February 26, 2010 / Proposed Rules 

1The House report states: 

Considerable testimony was received by the 

Committee from the Justice Department, the United 

States Attorney for the Southern District of New 

York, the Treasury Department, the Internal 

Revenue Service, the Securities and Exchange 

Commission, the Defense Department and the 

Agency for International Development about serious 

and widespread use of foreign financial facilities 

located in secrecy jurisdictions for the purpose of 

violating American law. Secret foreign bank 

accounts and secret foreign financial institutions 

have permitted proliferation of ‘white collar’ crime; 

have served as the financial underpinning of 

organized criminal operations in the United States; 

have been utilized by Americans to evade income 

taxes, conceal assets illegally, and purchase gold; 

have allowed Americans and others to avoid the 

law and regulations governing securities and 

exchanges; have served as essential ingredients in 

frauds including schemes to defraud the United 

States; have served as the ultimate depository of 

black market proceeds from Vietnam; have served 

as a source of questionable financing for 

conglomerate and other corporate stock 

acquisitions, mergers and takeovers; have covered 

conspiracies to steal from the U.S. defense and 

foreign aid funds; and have served as the cleansing 

agent for ‘hot’ or illegally obtained monies. H.R. 

Rep. No. 975 91st Cong. 2d Sess. 12 (1970). 

2See Tax Haven Banks and U.S. Tax Compliance, 

Staff Report, Permanent Subcommittee on 

Investigations, Senate Comm. on Homeland 

Security and Governmental Affairs, (July 17, 2008); 

Tax Haven Abuses: The Enablers, the Tools and 

Secrecy, Staff Report, Permanent Subcommittee on 

Investigations, Senate Comm. on Homeland 

Security and Governmental Affairs, (Aug. 1, 2006). 

3See 31 U.S.C. 5312(a)(1) which excepts from the 

definition of financial agency a person acting for a 

country, a monetary or financial authority acting as 

a monetary or financial authority or an international 

Power Plants, which states that a 

decision by a licensee to adopt a 

combination of DECON and SAFSTOR 

may be based on factors such as the 

availability of waste disposal sites. The 

petitioner believes that this wording 

creates a loophole whereby a site 

choosing the SAFSTOR option would 

not be returned to unrestricted use 

within a period of 60 years from the 

time reactor operation ceases. The 

petitioner requests that the NRC amend 

its regulations to clarify that a licensee’s 

choice of alternative decommissioning 

strategy must result in the return of the 

site to unrestricted use within 60 years 

and that the NRC eliminate the 

ENTOMB strategy as an option. 

The petitioner believes that, if 

implemented, the reporting and 

financial assurance amendments 

proposed would provide reasonable 

assurance that funds will be available 

when needed to clean up a plant site 

and avoid costly legacy sites to be 

cleaned up at taxpayer expense. With 

respect to the proposal to clarify the 

decommissioning strategies available to 

licensees, the petitioner believes that 

these proposed amendments assure that 

portions of the facility containing 

radioactive contaminants would be 

removed or decommissioned to a level 

that permits release of the property for 

unrestricted use within 60 years after 

the cessation of operations. 

Dated at Rockville, Maryland, this 22nd 

day of February, 2010. 

For the Nuclear Regulatory Commission. 

Annette L. Vietti-Cook, 

Secretary of the Commission. 

[FR Doc. 2010–3989 Filed 2–25–10; 8:45 am] 

BILLING CODE 7590–01–P 

DEPARTMENT OF THE TREASURY 

31 CFR Part 103 

RIN 1506–AB08 

Financial Crimes Enforcement 

Network; Amendment to the Bank 

Secrecy Act Regulations—Reports of 

Foreign Financial Accounts 

AGENCY: Financial Crimes Enforcement 

Network (FinCEN), Treasury. 

ACTION: Notice of proposed rulemaking. 

SUMMARY: FinCEN, a bureau of the 

Department of the Treasury (Treasury), 

is proposing to revise the regulations 

implementing the Bank Secrecy Act 

(BSA) regarding reports of foreign 

financial accounts. The proposed rule 

would clarify which persons will be 

required to file reports of foreign 

financial accounts and which accounts 

will be reportable. In addition, the 

proposed rule would exempt certain 

persons with signature or other 

authority over foreign financial accounts 

from filing reports and would include 

provisions intended to prevent United 

States persons from avoiding this 

reporting requirement. 

DATES: Written comments on the notice 

of proposed rulemaking may be 

submitted on or before April 27, 2010. 

ADDRESSES: You may submit comments, 

identified by RIN 1506–AB08, by any of 

the following methods: 

• Federal e-rulemaking portal: http:// 

www.regulations.gov. Refer to Docket 

Number Fincen–2009–0008 and follow 

the instructions for submitting 

comments. 

• Mail: FinCEN, P.O. Box 39, Vienna, 

VA 22183. Include RIN 1506–AB08 in 

the body of the text. 

Inspection of comments: Comments 

may be inspected, between 10 a.m. and 

4 p.m., in the FinCEN reading room in 

Vienna, VA. Persons wishing to inspect 

the comments submitted must request 

an appointment with the Disclosure 

Officer by telephoning (703) 905–5034 

(not a toll-free call). 

FOR FURTHER INFORMATION CONTACT: 

Regulatory Policy and Programs 

Division, FinCEN (800) 949–2732 and 

select option 1. 

SUPPLEMENTARY INFORMATION: 

I. Introduction 

The provision of the BSA authorizing 

reports of foreign financial accounts 

reflects congressional concern that 

foreign financial institutions were being 

used to evade domestic criminal, tax, 

and regulatory laws. The House report 

on the bill leading to the enactment of 

the BSA described the use of 

undisclosed foreign financial accounts 

for a wide range of abuses.1 Nearly four 

decades after the enactment of the BSA, 

foreign financial accounts continue to 

be used for many of the abuses 

cataloged by Congress when it was 

originally considering the enactment of 

the BSA. For example, the Senate 

Permanent Subcommittee on 

Investigations has found that Americans 

have continued to use complex schemes 

to try to conceal their foreign financial 

accounts in attempts to circumvent 

United States law.2

Considerable effort has been made to 

address these abuses. The Internal 

Revenue Service (IRS), for example, has 

several projects focused on the use of 

offshore accounts to evade federal 

income taxes. 

II. Background 

A. Statutory and Regulatory Background 

The BSA, Titles I and II of Public Law 

91–508, as amended, codified at 12 

U.S.C. 1829b, 12 U.S.C. 1951–1959, and 

31 U.S.C. 5311–5314 and 5316–5332, 

authorizes the Secretary of the Treasury 

(Secretary), among other things, to issue 

regulations requiring persons to keep 

records and file reports that are 

determined to have a high degree of 

usefulness in criminal, tax, regulatory, 

and counterterrorism matters. The 

regulations implementing the BSA 

appear at 31 CFR Part 103. The 

Secretary’s authority to administer the 

BSA has been delegated to the Director 

of FinCEN. 

Under 31 U.S.C. 5314 the Secretary is 

authorized to require any ‘‘resident or 

citizen of the United States, or a person 

in, and doing business in, the United 

States, to * * * keep records and file 

reports, when the resident, citizen, or 

person makes a transaction or maintains 

a relation for any person with a foreign 

financial agency.’’ For this purpose, 

foreign financial agency means ‘‘a 

person acting for a person as a financial 

institution bailee, depository trustee or 

agent, or acting in a similar way related 

to money, credit, securities, gold, or in 

a transaction in money, credit, securities 

or gold.’’ 3 The Secretary is also 


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financial institution of which the United States 

government is a member. 

4This notice of proposed rulemaking would not 

amend sections 103.27 and 103.32. 

5The FBAR form currently available on both the 

FinCEN and IRS Web sites allows users to complete 

the form electronically and then print a PDF 

document that can be mailed to the address on the 

form. 

6See 31 CFR 103.56(g). 

7 31 U.S.C. 5314. 

8Announcement 2009–51, 2009–25 I.R.B. 1005. 

9 In crafting the proposed rule, FinCEN reviewed 

the public comments received in response to Notice 

2009–62. 

10See Tax Haven Banks and U.S. Tax 

Compliance, Staff Report, Permanent Subcommittee 

Continued 

authorized to prescribe exemptions to 

the reporting requirement and to 

prescribe other matters the Secretary 

considers necessary to carry out section 

5314. 

B. Overview of Current Regulations and 

Form 

The regulations implementing 31 

U.S.C. 5314 appear at 31 CFR 103.24, 

103.27, and 103.32. Section 103.24 

generally requires each person subject to 

the jurisdiction of the United States 

having a financial interest in or 

signature or other authority over a bank, 

securities, or other financial account in 

a foreign country to ‘‘report such 

relationship to the Commissioner of 

Internal Revenue for each year in which 

such relationship exists, and * * * 

provide such information as shall be 

specified in a reporting form prescribed 

by the Secretary to be filed by such 

persons.’’ Section 103.27 requires the 

form to be filed with respect to foreign 

financial accounts exceeding $10,000. 

The form must be filed on or before June 

30 of each calendar year for accounts 

maintained during the previous 

calendar year. Section 103.32 requires 

records of accounts to be maintained for 

each person having a financial interest 

in or signature or other authority over 

such account. The records must be 

maintained for a period of five years.4

The form used to file the report 

required by section 103.24 is the Report 

of Foreign Bank and Financial 

Accounts—Form TD F 90–22.1 (the 

FBAR).5 The instructions to the FBAR 

specify which persons must file as well 

as the types of accounts that must be 

reported. The instructions also provide 

exemptions from reporting for certain 

persons with signature or other 

authority over the accounts. 

The authority to enforce the 

provisions of 31 U.S.C. 5314 and 

sections 103.24 and 103.32 has been redelegated from FinCEN to the 

Commissioner of Internal Revenue by 

means of a Memorandum of Agreement 

between FinCEN and the IRS dated 

April 2, 2003.6 With this delegation, 

FinCEN conferred upon the IRS the 

authority to enforce the FBAR 

provisions of the BSA and its 

implementing regulations, investigate 

possible violations, and assess and 

collect civil penalties in connection 

therewith. The delegation also conferred 

upon the IRS the authority to: (1) 

Respond to public inquiries and 

requests for advice; (2) issue 

administrative rulings; and (3) provide 

related assistance to the public with 

respect to compliance with FBAR 

requirements. Finally, the delegation 

conferred upon the IRS the authority to 

revise the FBAR form and instructions, 

and to propose to FinCEN revisions of 

the applicable regulations for the 

purpose of enhancing FBAR compliance 

and enforcement. 

A revised Form TD F 90–22.1 that 

modified several aspects of the FBAR 

form instructions was issued in October 

2008. Most notably, the revised FBAR 

form instructions broadened the 

definition of ‘‘United States person’’ to 

conform more closely to the FBAR’s 

authorizing statute,7 and sought to 

clarify the scope of foreign financial 

accounts that trigger FBAR filing 

requirements. In the ensuing months, 

the IRS received a number of questions 

and comments seeking guidance on 

compliance with the revised FBAR 

instructions. In response to these 

comments, the IRS published guidance 

indicating that until further notice, all 

persons may rely on the definition of 

‘‘United States person’’ found in the 

prior version of the FBAR instructions 

from 2000. The IRS also extended the 

FBAR filing deadline for the 2008 and 

earlier calendar years to September 23, 

2009 for certain filers.8

In addition, the IRS published Notice 

2009–62 on August 10, 2009, which 

extended the FBAR filing deadline for 

the 2008 and earlier calendar years to 

June 30, 2010 for certain filers, and 

requested comments from the public 

regarding several FBAR-related issues. 

Specifically, Notice 2009–62 requested 

public comment regarding: (1) When a 

person with signature or other authority 

over, but no financial interest in, a 

foreign financial account should be 

relieved of filing an FBAR for the 

account; (2) whether to expand the 

filing exemption currently available to 

officers and employees of banks and 

certain publicly traded domestic 

companies, where such officers and 

employees have signature or other 

authority over their employer’s 

accounts; and (3) when an interest in a 

foreign entity should trigger an FBAR 

filing requirement.9

III. Section-by-Section Analysis 

The proposed rule would include a 

definition of United States persons and 

definitions of bank, securities, and other 

financial accounts in a foreign country. 

FinCEN believes that inclusion of these 

definitions will more clearly delineate 

both the scope of individuals and 

entities that would be required to file 

the FBAR and the types of accounts for 

which such reports should be made, so 

that determining a person’s filing 

obligations will be more straightforward 

and predictable. In addition, the 

proposed rule would exempt certain 

persons with signature or other 

authority from filing the FBAR. Finally, 

the proposed rule would include 

provisions intended to prevent United 

States persons required to file the FBAR 

from avoiding this reporting 

requirement. 

A. § 103.24(a)—In General 

FinCEN proposes to amend 31 CFR 

103.24 by using a new term ‘‘United 

States person’’ to indicate persons that 

would be required to file an FBAR. 

B. Section 103.24(b)—United States 

Person 

FinCEN proposes to define a United 

States person as a citizen or resident of 

the United States, or an entity, 

including but not limited to a 

corporation, partnership, trust or 

limited liability company, created, 

organized, or formed under the laws of 

the United States, any state, the District 

of Columbia, the Territories and Insular 

Possessions of the United States or the 

Indian Tribes. This definition applies to 

an entity regardless of whether an 

election has been made under 26 CFR 

301.7701–2 or 301.7701–3 to disregard 

the entity for federal income tax 

purposes. The determination of whether 

an individual is a resident of the United 

States would be made under the rules of 

the Internal Revenue Code, specifically 

26 U.S.C. 7701(b) and the regulations 

thereunder except that the definition of 

the term ‘‘United States’’ provided in 31 

CFR 103.11(nn) will be used instead of 

the definition of ‘‘United States’’ in 26 

CFR 301.7701(b)-1(c)(2)(ii). FinCEN 

believes that this approach is 

appropriate because it provides for 

uniformity regardless of where in the 

United States an individual may be. In 

addition, FinCEN believes this approach 

takes into account that individuals may 

seek to hide their residency in an effort 

to obscure the source of their income or 

location of their assets.10


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on Investigations, Senate Comm. on Homeland 

Security and Governmental Affairs at 8 (July 17, 

2008). 

11See 31 U.S.C. 5312(a)(2)A. 

12See 31 U.S.C. 5312(a)(2)I. 

13Concerns about the use of hedge funds to evade 

taxes is discussed in The Report of the President’s 

Working Group on Financial Market, Hedge Funds, 

Leverage, and the Lessons of Long-Term Capital 

Management (April 1999). ‘‘In the tax area, the fact 

that a significant number of hedge funds are 

established in offshore financial centers that are tax 

havens has focused attention on whether offshore 

hedge funds are associated with illegal tax 

avoidance and are taking advantage of their offshore 

situs for other inappropriate purposes.’’ Id. at 4. 

FinCEN is also aware of pending legislative 

proposals that would require United States 

individuals to annually report to the IRS with 

respect to foreign hedge funds and private equity 

funds, for example. 

C. Section 103.24(c)—Types of 

Reportable Accounts 

FinCEN proposes to amend 31 CFR 

103.24 by adding definitions of the 

accounts subject to reporting. Section 

5314 authorizes the Secretary to require 

records or reports when a person ‘‘makes 

a transaction or maintains a relation for 

any person with a foreign financial 

agency.’’ Although section 5314 

authorizes the Secretary to address both 

transactions and relations, FinCEN is 

focusing in this rulemaking on relations. 

FinCEN believes that when a person 

maintains an account with a foreign 

financial institution, the person is 

maintaining a relation with a foreign 

financial agency. For this purpose, an 

account means a formal relationship 

with such person to provide regular 

services, dealings and other financial 

transactions. The length of the time for 

which service is being provided does 

not affect the fact that a formal account 

relationship has been established. For 

example, in the case of an escrow 

account, an individual may establish a 

relationship with a financial institution 

to service and maintain that account, 

albeit for a short period of time. 

However, an account is not established 

simply by conducting transactions such 

as wiring money or purchasing a money 

order where no relationship has 

otherwise been established. 

FinCEN has chosen to define bank, 

securities, and other financial accounts 

with reference to the kinds of financial 

services for which a person maintains 

an account. FinCEN believes this is 

necessary because while the BSA 

provides guidance as to the definition of 

a financial institution, financial 

institutions under the BSA are largely 

defined by reference to United States 

law and terminology. For example, a 

financial institution is defined in the 

BSA to include an insured bank as 

defined in section 3(h) of the Federal 

Deposit Insurance Act.11 Accordingly, 

the proposed amendment to section 

103.24 would include definitions of 

bank account, securities account, and 

other financial accounts. 

D. Section 103.24(c)(1)—Bank Account 

The term ‘‘bank account’’ means a 

savings deposit, demand deposit, 

checking, or any other account 

maintained with a person engaged in 

the business of banking. This definition 

includes time deposits such as 

certificates of deposit accounts that 

allow individuals to deposit funds with 

a banking institution and redeem the 

initial amount, along with interest 

earned after a prescribed period of time. 

E. Section 103.24(c)(2)—Securities 

Account 

The term ‘‘securities account’’ means 

an account maintained with a person in 

the business of buying, selling, holding, 

or trading stock or other securities. 

F. Section 103.24(c)(3)—Other Financial 

Account 

The term ‘‘other financial account’’ 

appears in current section 103.24. While 

FinCEN understands that the term 

‘‘other financial account’’ is broad 

enough to cover a range of relationships 

with foreign financial agencies, FinCEN 

believes that compliance will be 

enhanced by more clearly delineating 

the types of relationships that must be 

reported. 

Thus, the proposal would define 

‘‘other financial account’’ to mean 

• An account with a person that is in 

the business of accepting deposits as a 

financial agency; 

• An account that is an insurance 

policy with a cash value or an annuity 

policy; 

• An account with a person that acts 

as a broker or dealer for futures or 

options transactions in any commodity 

on or subject to the rules of a 

commodity exchange or association; or 

• An account with a mutual fund or 

similar pooled fund which issues shares 

available to the general public that have 

a regular net asset value determination 

and regular redemptions. 

The proposed definition includes an 

account with a person that accepts 

deposits as a financial agency. FinCEN 

believes that it is necessary to include 

this provision to ensure that deposit 

accounts and similar relationships will 

be covered despite differences in 

terminology, operations of financial 

institutions, and legal frameworks in 

other countries. 

The definition of other financial 

account also includes an account that is 

an insurance policy with a cash value or 

an annuity policy. Life insurance 

policies that have a cash surrender 

value are potential money laundering 

vehicles because cash value can be 

redeemed by a money launderer. 

Similarly, annuity contracts pose a 

money laundering risk because they 

allow a money launderer to exchange 

illicit funds for an immediate or 

deferred income stream or to purchase 

a deferred annuity and obtain clean 

funds upon redemption. 

The definition of other financial 

account specifically includes an account 

with a mutual fund or similar pooled 

fund, or other investment fund. FinCEN 

believes that these types of companies 

fall within the definition of ‘‘investment 

company,’’ which is a financial 

institution under the BSA.12

Mutual funds and similar pooled 

funds are offered to the general public 

and typically are identifiable by the 

ability of the account holder to redeem 

shares on a daily or otherwise regular 

basis. FinCEN believes that these types 

of accounts present risks for money 

laundering. As with other types of 

financial accounts, money launderers 

may use mutual fund accounts to layer 

their funds by sending and receiving 

money and wiring it quickly through 

several accounts and multiple 

institutions. Layering could also involve 

purchasing funds in the name of a 

fictitious corporation or an entity 

designed to conceal the true owner. 

Most importantly, mutual funds can 

also be used for integrating illegal 

income into legitimate assets, allowing 

illegal proceeds to appear to have a 

legitimate source when the shares of the 

fund are redeemed and deposited into a 

bank account. 

FinCEN recognizes that outside of 

mutual funds and similar pooled funds, 

individuals may invest in other types of 

pooled investment companies, such as 

private equity funds, venture capital 

funds and hedge funds. Because these 

kinds of funds are privately offered 

funds, their characteristics vary greatly. 

In addition, the lack of functional 

regulation over these kinds of funds 

makes it difficult to define and 

distinguish certain types of these funds 

from others. FinCEN is aware, however, 

of pending legislative proposals that 

would apply additional regulation and 

oversight over the operations of some of 

these investment companies. 

Accordingly, FinCEN has determined 

that, at this time, the proposal should 

reserve the treatment of investment 

companies other than mutual funds or 

similar pooled funds. Treasury remains 

concerned about the use of, for example, 

hedge funds to evade taxes and FinCEN 

will continue to study this issue.13


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14As described by the Senate Permanent 

Subcommittee on Investigations (PSI), Committee 

on Homeland Security and Governmental Affairs, in 

its 2006 report, Tax Haven Abuses: the Enablers, 

the Tools and Secrecy, Senate Hearing 109–797, 

109th Cong., 2d Sess. (August 1, 2006), 

arrangements such as ‘‘trust protectors’’ have been 

employed by United States taxpayers to achieve 

substantial control over assets held in offshore 

trusts. In some cases trust protectors serve to 

safeguard trust assets from misappropriation. 

However, many offshore trusts are established with 

the intention of maintaining client control. In such 

cases trust protectors can serve as conduits of the 

client’s instructions to the trustees, with the 

trustees merely rubber stamping the protectors’ 

directions. Such an arrangement permits greater 

client control while maintaining the appearance of 

trustee independence. 

15The PSI reported the use of transfer companies, 

single purpose companies used solely to disguise 

the transfer of funds from an entity controlled by 

a taxpayer to the account of another entity 

controlled by the taxpayer. See Tax Haven Banks 

and U.S. Tax Compliance, Staff Report, Permanent 

Subcommittee on Investigations, Senate Comm. on 

Homeland Security and Governmental Affairs, at 4, 

65 (July 17, 2008). 

G. Section 103.24(c)(4)—Exceptions for 

Certain Accounts 

Paragraph (c)(4) includes exceptions 

for certain accounts for which reporting 

will not be required by persons with a 

financial interest in or signature or other 

authority over the accounts. The 

following accounts are proposed to be 

excepted from reporting. 

• An account of a department or 

agency of the United States; an Indian 

Tribe; or any State or any political 

subdivision of a State; or a whollyowned entity, agency, or instrumentality 

of any of the foregoing is not required 

to be reported. In addition, reporting is 

not required with respect to an account 

of an entity established under the laws 

of the United States; of an Indian Tribe; 

of any State; or of any political 

subdivision of any State; or under an 

intergovernmental compact between 

two or more States or Indian Tribes that 

exercises governmental authority on 

behalf of the United States, an Indian 

Tribe, or any such State or political 

subdivision. For this purpose, an entity 

generally exercises governmental 

authority on behalf of the United States, 

an Indian Tribe, a State, or a political 

subdivision only if its authorities 

include one or more of the powers to 

tax, to exercise the power of eminent 

domain, or to exercise police powers 

with respect to matters within its 

jurisdiction. 

• An account of an international 

financial institution of which the United 

States government is a member is not 

required to be reported. 

• An account in an institution known 

as a ‘‘United States military banking 

facility’’ (or ‘‘United States military 

finance facility’’) operated by a United 

States financial institution designated 

by the United States Government to 

serve United States government 

installations abroad is not required to be 

reported even though the United States 

military banking facility is located in a 

foreign country. 

• Correspondent or nostro accounts 

that are maintained by banks and used 

solely for bank-to-bank settlements are 

not required to be reported. 

The first three exceptions take into 

account the governmental status and 

functions of the entities and agencies. 

The last exception for nostro accounts 

takes into account the limited access to 

the account. 

H. Section 103.24(d)—Foreign Country 

Foreign country includes all 

geographical areas located outside of the 

United States as defined in 31 CFR 

103.11(nn). 

I. Section 103.24(e)—Financial Interest 

Financial Interest When the United 

States Person Is the Owner of Record or 

Holder of Legal Title 

A United States person has a financial 

interest in each bank, securities, or other 

financial account in a foreign country 

for which he is the owner of record or 

holds legal title regardless of whether 

the account is maintained for his own 

benefit or for the benefit of others. If an 

account is maintained in the name of 

more than one person, each United 

States person in whose name the 

account is maintained has a financial 

interest in that account. 

Financial Interest When Another Is 

Acting on Behalf of the United States 

Person 

A United States person also has a 

financial interest in each bank, 

securities, or other financial account in 

a foreign country for which the owner 

of record or holder of legal title is a 

person acting on behalf of that United 

States person such as an attorney, agent 

or nominee with respect to the account. 

Other Situations Giving Rise to a 

Financial Interest 

Further, a United States person is 

deemed to have a financial interest in a 

bank, securities, or other financial 

account in a foreign country for which 

the owner of record or holder of legal 

title is— 

• A corporation in which the United 

States person owns directly or indirectly 

more than 50 percent of the voting 

power or the total value of the shares, 

a partnership in which the United States 

person owns directly or indirectly more 

than 50 percent of the interest in profits 

or capital, or any other entity (other 

than a trust) in which the United States 

person owns directly or indirectly more 

than 50 percent of the voting power, 

total value of the equity interest or 

assets, or interest in profits. 

• A trust, if the United States person 

is the trust settlor and has an ownership 

interest in the account for United States 

federal tax purposes. See 26 U.S.C. 671– 

679 to determine if a settlor has an 

ownership interest in a trust’s financial 

account for a year. 

• A trust in which the United States 

person either has a beneficial interest in 

more than 50 percent of the assets or 

from which such person receives more 

than 50 percent of the current income. 

• A trust that was established by the 

United States person and for which the 

United States person has appointed a 

trust protector that is subject to such 

person’s direct or indirect instruction.14

Finally, a United States person that 

causes an entity to be created for a 

purpose of evading the reporting 

requirement shall have a financial 

interest in any bank, securities, or other 

financial account in a foreign country 

for which the entity is the owner of 

record or holder of legal title. The term 

‘‘evading’’ as used in the anti-avoidance 

rule is not intended to apply to persons 

who make a good faith effort to comply 

with the regulations implementing 

section 5314. 

The definition of financial interest 

includes certain instances where a 

United States person’s ownership or 

control over the owner of record or 

holder of legal title rises to such a level 

that the person should be deemed to 

have a financial interest in the account. 

FinCEN believes that these rules are 

necessary to ensure that these financial 

interests of United States persons are 

reported on the FBAR regardless of how 

the interest is held or structured. Lastly, 

FinCEN has included an anti-avoidance 

rule to capture reporting in instances 

where persons seek to evade the 

requirement to file an FBAR through the 

use of devices such as transfer 

companies. Such devices have been 

documented in reports by the Senate 

Permanent Subcommittee on 

Investigations as methods by which 

United States persons have tried to hide 

ownership of foreign financial 

accounts.15

J. Section 103.24(f)—Signature or Other 

Authority 

FinCEN has included in proposed 

section 103.24 provisions that would 

address signature or other authority over 


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16Currently, these are corporations which have 

more than $10 million in assets and more than 500 

shareholders of record. See 15 U.S.C. 78l(g) (2006) 

and the regulations thereunder. 

a bank, securities, or other financial 

account in a foreign country. 

Signature or Other Authority In General 

Current section 103.24 requires 

reporting by United States persons with 

signature or other authority over bank, 

securities, or other financial accounts in 

a foreign country. The proposal would 

continue this requirement and would 

define signature or other authority. 

Signature or other authority means 

authority of an individual (alone or in 

conjunction with another) to control the 

disposition of money, funds, or other 

assets held in a financial account by 

delivery of instructions (whether 

communicated in writing or otherwise) 

directly to the person with whom the 

financial account is maintained. 

Exceptions for Signature or Other 

Authority 

FinCEN is including in the proposed 

rule certain exceptions for United States 

persons with signature or other 

authority over reportable accounts. 

These exceptions generally apply to 

officers and employees of financial 

institutions that have a federal 

functional regulator, and certain entities 

that are publicly traded on a United 

States national securities exchange, or 

that are otherwise required to register 

their equity securities with the 

Securities and Exchange Commission. 

FinCEN believes that such relief is 

appropriate in light of the federal 

oversight of these entities. These 

exceptions apply, however, only where 

the officer or employee has no financial 

interest in the reportable account. These 

institutions would still be obligated to 

report their financial interest in these 

reportable accounts. FinCEN is 

proposing the following exceptions. 

• An officer or employee of a bank 

that is examined by the Office of the 

Comptroller of the Currency, the Board 

of Governors of the Federal Reserve 

System, the Federal Deposit Insurance 

Corporation, the Office of Thrift 

Supervision, or the National Credit 

Union Administration need not report 

that he has signature or other authority 

over a foreign financial account owned 

or maintained by the bank if the officer 

or employee has no financial interest in 

the account. 

This exception is available to officers 

or employees of banks examined by the 

federal banking agencies. Officers or 

employees can avail themselves of this 

exemption without receiving notice 

from the bank that the bank has filed an 

FBAR with respect to the reportable 

accounts over which it has a financial 

interest. 

• An officer or employee of a 

financial institution that is registered 

with and examined by the Securities 

and Exchange Commission or 

Commodity Futures Trading 

Commission need not report that he has 

signature or other authority over a 

foreign financial account owned or 

maintained by such financial institution 

if the officer or employee has no 

financial interest in the account. 

This exception is available to officers 

or employees of financial institutions 

such as securities broker dealers or 

futures commission merchants which 

are registered with and examined by, 

the Securities and Exchange 

Commission or Commodity Futures 

Trading Commission. Again, officers or 

employees of such financial institutions 

can avail themselves of this exemption 

without receiving a notice from the 

employer. 

• An officer or employee of an 

Authorized Service Provider need not 

report that he has signature or other 

authority over a foreign financial 

account owned or maintained by an 

investment company that is registered 

with the Securities and Exchange 

Commission if the officer or employee 

has no financial interest in the account. 

‘‘Authorized Service Provider’’ means an 

entity that is registered with and 

examined by the Securities and 

Exchange Commission and provides 

services to an investment company 

registered under the Investment 

Company Act of 1940. 

This exception has been included to 

address the fact that mutual funds do 

not have employees of their own. 

Instead, the day-to-day operations of 

such a fund are performed by 

individuals who are employed by fund 

service providers, such as investment 

advisors. Officers or employees of an 

Authorized Service Provider which is 

registered with and examined by the 

Securities and Exchange Commission 

may avail themselves of this exemption 

without receiving notice from the 

employer provided that the fund they 

service is also registered with the 

Securities and Exchange Commission. 

FinCEN believes that this exception is 

appropriate in light of the requirement 

that both the service provider and the 

fund are registered with the Securities 

and Exchange Commission. 

• An officer or employee of an entity 

with a class of equity securities listed on 

any United States national securities 

exchange need not report that he has 

signature or other authority over a 

foreign financial account of such entity 

if the officer or employee has no 

financial interest in the account. An 

officer or employee of a United States 

subsidiary of such entity need not file 

a report concerning signature or other 

authority over a foreign financial 

account of the subsidiary if he has no 

financial interest in the account and the 

United States subsidiary is named in a 

consolidated FBAR report of the parent 

filed under proposed paragraph (g)(3) of 

31 CFR 103.24. 

This exception is available to officers 

and employees of entities which are 

listed upon a United States national 

securities exchange, regardless of 

whether the entity is domestic or 

foreign. Officers and employees of a 

United States subsidiary of such listed 

entities are also covered by this 

exception if the United States subsidiary 

is named in a consolidated FBAR report 

of the parent. 

• An officer or employee of a United 

States corporation that has a class of 

equity securities registered under 

section 12(g) of the Securities Exchange 

Act need not report that he has 

signature or other authority over the 

foreign financial accounts of such 

corporation if he has no financial 

interest in the accounts. 

This exception applies to officers and 

employees of United States corporations 

whose size in terms of assets and 

shareholders 16 requires them to register 

their stock with the Securities and 

Exchange Commission and makes them 

subject to reporting under the Securities 

Exchange Act. 

K. 103.24(g)—Special Rules 

FinCEN is proposing special rules to 

simplify FBAR filings in certain cases. 

• 25 or more foreign financial 

accounts. A United States person having 

a financial interest in 25 or more foreign 

financial accounts need only provide 

the number of financial accounts and 

certain other basic information on the 

report, but will be required to provide 

detailed information concerning each 

account when so requested by the 

Secretary or his delegate. Similarly, a 

United States person having signature or 

other authority over 25 or more foreign 

financial accounts need only provide 

the number of financial accounts and 

certain other basic information on the 

report, but will be required to provide 

detailed information concerning each 

account when so requested by the 

Secretary or his delegate. 

• Consolidated reports. An entity that 

is a United States person and owns 

directly or indirectly more than a 50 

percent interest in an entity required to 


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17This proposed exemption is not intended to 

affect the filing requirements with respect to 

qualified pension plans or individual retirement 

accounts. FinCEN believes that, in most cases, such 

entities (which are subject to a number of statutory 

requirements and limitations) are in a better 

position to be aware of the presence of a foreign 

financial account). An IRA is an individual 

retirement account described in section 408 of the 

Internal Revenue Code (i.e., a traditional IRA, IRA 

annuity, SEP IRA, SIMPLE IRA, or deemed IRA) or 

a Roth IRA (including a Roth IRA annuity or a 

deemed Roth IRA) described in section 408A of the 

Internal Revenue Code. 

18FinCEN believes that, in most cases, the trust 

or its trustees are in a better position than the 

beneficiaries to be aware of the presence of a foreign 

financial account and the information needed to file 

the FBAR as well as whether individual 

beneficiaries exceed the 50 percent threshold. 

19This proposed amendment to 31 CFR 103.24 

clarifies the filing requirement for certain foreign 

persons thereby reducing the overall burden of BSA 

recordkeeping and reporting requirements. 

report under this section will be 

permitted to file a consolidated report 

on behalf of itself and such other entity. 

• Participants and beneficiaries in 

certain retirement plans. Participants 

and beneficiaries in retirement plans 

under sections 401(a), 403(a) or 403(b) 

of the Internal Revenue Code as well as 

owners and beneficiaries of individual 

retirement accounts under section 408 

of the Internal Revenue Code or Roth 

IRAs under section 408A of the Internal 

Revenue Code will not be required to 

file an FBAR with respect to a foreign 

financial account held by or on behalf 

of the retirement plan or IRA. 17

• Certain trust beneficiaries. A 

beneficiary of a trust described in 

proposed paragraph (e)(2)(iv) is not 

required to report the trust’s foreign 

financial accounts if the trust, trustee of 

the trust, or agent of the trust is a United 

States person that files an FBAR 

disclosing the trust’s foreign financial 

accounts and provides any additional 

information as required by the report.18

In addition, FinCEN anticipates that 

in the case of United States persons who 

are employed in a foreign country and 

who have signature or other authority 

over foreign financial accounts owned 

or maintained by their employer, the 

instructions to the FBAR form will 

prescribe a modified form of reporting 

for such persons. 

IV. Proposed Changes to the FBAR 

Instructions 

The changes proposed by this notice 

of proposed rulemaking, if adopted as a 

final rule, would also require changes to 

the instructions to the FBAR. A draft of 

revised changes to the FBAR 

instructions appears as an attachment at 

the end of this notice of proposed 

rulemaking. 

V. Regulatory Flexibility Act 

Pursuant to the Regulatory Flexibility 

Act (RFA) (5 U.S.C. 601 et seq.), FinCEN 

certifies that these proposed regulation 

revisions will not have a significant 

economic impact on a substantial 

number of small entities. The proposed 

rule revises an existing rule that 

requires reports to be made to Treasury 

with respect to certain foreign financial 

accounts. Because this proposal clarifies 

the existing rules and narrows the scope 

of individuals and entities subject to 

reporting and recordkeeping 

requirements, we will reduce regulatory 

obligations overall. 

The proposed rule will not affect a 

substantial number of small entities. 

The proposed rule applies to United 

States persons, a term which includes 

entities of all sizes, if they have 

reportable accounts under this rule. 

However, we expect that small entities 

will be less likely to have reportable 

foreign financial accounts or to have 

many such accounts unlike larger 

entities, which have a broader base of 

business operations. 

In any event, the proposed rule will 

not have a significant economic impact 

on small entities. As explained above, 

the proposed rule revises an existing 

rule that requires reports to be made to 

Treasury with respect to certain foreign 

financial accounts. Filing the reports 

will require entities to transfer basic 

information that they will have received 

on account statements from the foreign 

financial institution at which the 

account is opened and maintained. 

Those statements will provide the entity 

with the information about the account 

needed to file the FBAR. No special 

accounting or legal skills would be 

necessary to transfer the basic 

information required to be reported, 

such as the name of the foreign financial 

institution, the type of account, and the 

account number, to the FBAR. 

Furthermore, the proposed rule 

continues a simplified reporting method 

for persons with a financial interest in 

25 or more foreign financial accounts 

and extends the relief of this simplified 

reporting method to persons with 

signature or other authority over 25 or 

more foreign financial accounts. FinCEN 

requests comments on the accuracy of 

the statement that the regulations in this 

document will not have a significant 

economic impact on a substantial 

number of small entities. 

VI. Paperwork Reduction Act Notices 

The reporting requirement contained 

in this proposed rule (31 CFR 103.24) is 

being submitted to the Office of 

Management and Budget for review in 

accordance with the Paperwork 

Reduction Act of 1995 (44 U.S.C. 

3507(d)). This proposed rulemaking 

seeks to clarify the scope of existing 

definitions and related rules. By making 

requirements clearer for reporting 

persons, there is a potential that certain 

reporting persons may see an increase in 

the collection and reporting of 

information, but any such potential 

increase may likely be offset by the 

corresponding exceptions and 

clarifications in the proposal. Moreover, 

to the extent that we have clarified the 

existing rules and narrowed the scope of 

individuals or entities subject to 

reporting or recordkeeping 

requirements, we will have reduced 

regulatory obligations overall.19

Comments concerning the estimated 

burden and other questions should be 

sent to the Desk Officer for the 

Department of the Treasury, Office of 

Information and Regulatory Affairs, 

Office of Management and Budget, 

Paperwork Reduction Project (1506), 

Washington, DC 20503 with a copy to 

FinCEN and the IRS SBSE by mail or 

comments may also be submitted by email to oira_submission@omb.eop.gov. 

Please submit comments by one method 

only. Comments are welcome and must 

be received by April 27, 2010. 

Amendment to the Bank Secrecy Act 

Regulations—Reports of Foreign Bank 

and Financial Accounts 

In accordance with requirements of 

the Paperwork Reduction Act of 1995, 

44 U.S.C. 3506(c)(2)(A), and its 

implementing regulations, 5 CFR part 

1320, the following information 

concerning the collection of information 

of the Amendment to the Bank Secrecy 

Act Regulations—Reports of Foreign 

Bank and Financial Accounts is 

presented to assist those persons 

wishing to comment on the information 

collection. 

Description of Affected Filers: 

Individuals and certain entities that 

maintain foreign financial accounts 

reportable under 31 CFR 103.24. 

Estimated Number of Affected Filing 

Individuals and Entities: 400,000. 

Estimated Average Annual Burden 

Hours per Affected Filer: The estimated 

average burden associated with the 

recordkeeping requirement in this 

proposed rule will vary depending on 

the number of reportable accounts. We 

estimate that the recordkeeping burden 

will range from five minutes to sixty 

minutes, and that the average burden 

will be thirty minutes. The estimated 

average burden associated with the 

reporting requirement (FBAR form 

completion) will also vary depending on 

the number of reportable accounts and 

whether the filer will be able to take 


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advantage of the exceptions provided in 

this proposed rule. We estimate that the 

average reporting burden will range 

from approximately twenty minutes to 

one hour and that the average reporting 

burden will be approximately 45 

minutes. The reporting burden is 

reflected in the burden listed for 

completing TD–F 90–22.1 (See OMB 

Control Number 1506–0009/1545– 

2038). The burden associated with 

reporting a financial interest in or 

signature or other authority over a 

foreign financial account to the 

Commissioner of Internal Revenue is 

reflected in the burden for the 

appropriate income tax return or 

schedule. 

Estimated Total Annual Burden: 

500,000 hours. 

VII. Unfunded Mandates Act of 1995 

Statement 

Section 202 of the Unfunded 

Mandates Reform Act of 1995 

(‘‘Unfunded Mandates Act’’), Public Law 

104–4 (March 22, 1995), requires that an 

agency prepare a budgetary impact 

statement before promulgating a rule 

that may result in expenditure by state, 

local, and tribal governments, in the 

aggregate, or by the private sector, of 

$100 million or more in any one year. 

If a budgetary impact statement is 

required, section 202 of the Unfunded 

Mandates Act also requires an agency to 

identify and consider a reasonable 

number of regulatory alternatives before 

promulgating a rule. FinCEN has 

determined that it is not required to 

prepare a written statement under 

section 202 and has concluded that on 

balance the proposals in the Notice of 

Proposed Rulemaking provide the most 

cost-effective and least burdensome 

alternative to achieve the objectives of 

the rule. 

List of Subjects in 31 CFR Part 103 

Administrative practice and 

procedure, Banks, Banking, Brokers, 

Currency, Foreign banking, Foreign 

currencies, Gambling, Investigations, 

Penalties, Reporting and recordkeeping 

requirements, Securities, Terrorism. 

Amendment 

For the reasons set forth above in the 

preamble, 31 CFR Part 103 is proposed 

to be amended as follows: 

PART 103—FINANCIAL 

RECORDKEEPING AND REPORTING 

OF CURRENCY AND FOREIGN 

TRANSACTIONS 

1. The authority citation for part 103 

is revised to read as follows: 

Authority: 12 U.S.C. 1829b and 1951– 

1959; 31 U.S.C. 5311–5314 and 5316–5332; 

title III, sec. 314, Pub. L. 107–56, 115 Stat. 

307. 

2. Section 103.24 is revised to read as 

follows: 

§ 103.24 Reports of foreign financial 

accounts. 

(a) In general. Each United States 

person having a financial interest in, or 

signature or other authority over, a 

bank, securities, or other financial 

account in a foreign country shall report 

such relationship to the Commissioner 

of Internal Revenue for each year in 

which such relationship exists and shall 

provide such information as shall be 

specified in a reporting form prescribed 

under 31 U.S.C. 5314 to be filed by such 

persons. The form prescribed under 

section 5314 is the Report of Foreign 

Bank and Financial Accounts (TD–F 90– 

22.1), or any successor form. See 

paragraphs (g)(1) and (g)(2) of this 

section for a special rule for persons 

with a financial interest in 25 or more 

accounts, or signature or other authority 

over 25 or more accounts. 

(b) United States person. For purposes 

of this section, the term ‘‘United States 

person’’ means— 

(1) A citizen of the United States; 

(2) A resident of the United States. A 

resident of the United States is an 

individual who is a resident alien under 

26 U.S.C. 7701(b) and the regulations 

thereunder but using the definition of 

‘‘United States’’ provided in 31 CFR 

103.11(nn) rather than the definition of 

‘‘United States’’ in 26 CFR 301.7701(b)– 

1(c)(2)(ii); and 

(3) An entity, including but not 

limited to a corporation, partnership, 

trust, or limited liability company 

created, organized, or formed under the 

laws of the United States, any State, the 

District of Columbia, the Territories and 

Insular Possessions of the United States, 

or the Indian Tribes. 

(c) Types of reportable accounts—(1) 

Bank account. The term ‘‘bank account’’ 

means a savings deposit, demand 

deposit, checking, or any other account 

maintained with a person engaged in 

the business of banking. 

(2) Securities account. The term 

‘‘securities account’’ means an account 

with a person engaged in the business 

of buying, selling, holding or trading 

stock or other securities. 

(3) Other financial account. The term 

‘‘other financial account’’ means— 

(i) An account with a person that is 

in the business of accepting deposits as 

a financial agency; 

(ii) An account that is an insurance 

policy with a cash value or an annuity 

policy; 

(iii) An account with a person that 

acts as a broker or dealer for futures or 

options transactions in any commodity 

on or subject to the rules of a 

commodity exchange or association; or 

(iv) An account with— 

(A) Mutual fund or similar pooled 

fund. A mutual fund or similar pooled 

fund which issues shares available to 

the general public that have a regular 

net asset value determination and 

regular redemptions; or 

(B) Other investment fund. 

[RESERVED]. 

(4) Exceptions for certain accounts. 

(i) An account of a department or 

agency of the United States, an Indian 

Tribe, or any State or any political 

subdivision of a State, or a whollyowned entity, agency or instrumentality 

of any of the foregoing is not required 

to be reported. In addition, reporting is 

not required with respect to an account 

of an entity established under the laws 

of the United States, of an Indian Tribe, 

of any State, or of any political 

subdivision of any State, or under an 

intergovernmental compact between 

two or more States or Indian Tribes that 

exercises governmental authority on 

behalf of the United States, an Indian 

Tribe, or any such State or political 

subdivision. For this purpose, an entity 

generally exercises governmental 

authority on behalf of the United States, 

an Indian Tribe, a State, or a political 

subdivision only if its authorities 

include one or more of the powers to 

tax, to exercise the power of eminent 

domain, or to exercise police powers 

with respect to matters within its 

jurisdiction. 

(ii) An account of an international 

financial institution of which the United 

States government is a member is not 

required to be reported. 

(iii) An account in an institution 

known as a ‘‘United States military 

banking facility’’ (or ‘‘United States 

military finance facility’’) operated by a 

United States financial institution 

designated by the United States 

Government to serve United States 

government installations abroad is not 

required to be reported even though the 

United States military banking facility is 

located in a foreign country. 

(iv) Correspondent or nostro accounts 

that are maintained by banks and used 

solely for bank-to-bank settlements are 

not required to be reported. 

(d) Foreign country. A foreign country 

includes all geographical areas located 

outside of the United States as defined 

in 31 CFR 103.11(nn). 

(e) Financial interest. A financial 

interest in a bank, securities or other 

financial account in a foreign country 


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means an interest described in this 

paragraph (e): 

(1) Owner of record or holder of legal 

title. A United States person has a 

financial interest in each bank, 

securities or other financial account in 

a foreign country for which he is the 

owner of record or has legal title 

whether the account is maintained for 

his own benefit or for the benefit of 

others. If an account is maintained in 

the name of more than one person, each 

United States person in whose name the 

account is maintained has a financial 

interest in that account. 

(2) Other financial interest. A United 

States person has a financial interest in 

each bank, securities or other financial 

account in a foreign country for which 

the owner of record or holder of legal 

title is— 

(i) A person acting as an agent, 

nominee, attorney or in some other 

capacity on behalf of the United States 

person with respect to the account; 

(ii) A corporation in which the United 

States person owns directly or indirectly 

more than 50 percent of the voting 

power or the total value of the shares, 

a partnership in which the United States 

person owns directly or indirectly more 

than 50 percent of the interest in profits 

or capital, or any other entity (other 

than an entity in paragraphs (e)(2)(iii) 

through (v) of this section) in which the 

United States person owns directly or 

indirectly more than 50 percent of the 

voting power, total value of the equity 

interest or assets, or interest in profits; 

(iii) A trust, if the United States 

person is the trust settlor and has an 

ownership interest in the account for 

United States federal tax purposes. See 

26 U.S.C. 671–679 and the regulations 

thereunder to determine if a settlor has 

an ownership interest in a trust’s 

financial account for a year; 

(iv) A trust in which the United States 

person either has a beneficial interest in 

more than 50 percent of the assets or 

from which such person receives more 

than 50 percent of the income; or 

(v) A trust that was established by the 

United States person and for which the 

United States person has appointed a 

trust protector that is subject to such 

person’s direct or indirect instruction. 

(3) Anti-avoidance rule. A United 

States person that causes an entity, 

including but not limited to a 

corporation, partnership, or trust, to be 

created for a purpose of evading this 

section shall have a financial interest in 

any bank, securities, or other financial 

account in a foreign country for which 

the entity is the owner of record or 

holder of legal title. 

(f) Signature or other authority—(1) In 

general. Signature or other authority 

means authority of an individual (alone 

or in conjunction with another) to 

control the disposition of money, funds 

or other assets held in a financial 

account by delivery of instructions 

(whether communicated in writing or 

otherwise) directly to the person with 

whom the financial account is 

maintained. 

(2) Exceptions—(i) An officer or 

employee of a bank that is examined by 

the Office of the Comptroller of the 

Currency, the Board of Governors of the 

Federal Reserve System, the Federal 

Deposit Insurance Corporation, the 

Office of Thrift Supervision, or the 

National Credit Union Administration 

need not report that he has signature or 

other authority over a foreign financial 

account owned or maintained by the 

bank if the officer or employee has no 

financial interest in the account. 

(ii) An officer or employee of a 

financial institution that is registered 

with and examined by the Securities 

and Exchange Commission or 

Commodity Futures Trading 

Commission need not report that he has 

signature or other authority over a 

foreign financial account owned or 

maintained by such financial institution 

if the officer or employee has no 

financial interest in the account. 

(iii) An officer or employee of an 

Authorized Service Provider need not 

report that he has signature or other 

authority over a foreign financial 

account owned or maintained by an 

investment company that is registered 

with the Securities and Exchange 

Commission if the officer or employee 

has no financial interest in the account. 

‘‘Authorized Service Provider’’ means an 

entity that is registered with and 

examined by the Securities and 

Exchange Commission and that 

provides services to an investment 

company registered under the 

Investment Company Act of 1940. 

(iv) An officer or employee of an 

entity with a class of equity securities 

listed on any United States national 

securities exchange need not report that 

he has signature or other authority over 

a foreign financial account of such 

entity if the officer or employee has no 

financial interest in the account. An 

officer or employee of a United States 

subsidiary of such entity need not file 

a report concerning signature or other 

authority over a foreign financial 

account of the subsidiary if he has no 

financial interest in the account and the 

United States subsidiary is included in 

a consolidated report of the parent filed 

under this section. 

(v) An officer or employee of a United 

States entity that has a class of equity 

securities registered under section 12(g) 

of the Securities Exchange Act need not 

report that he has signature or other 

authority over the foreign financial 

accounts of such entity if he has no 

financial interest in the accounts. 

(g) Special rules—(1) Financial 

interest in 25 or more foreign financial 

accounts. A United States person having 

a financial interest in 25 or more foreign 

financial accounts need only provide 

the number of financial accounts and 

certain other basic information on the 

report, but will be required to provide 

detailed information concerning each 

account when so requested by the 

Secretary or his delegate. 

(2) Signature or other authority over 

25 or more foreign financial accounts. A 

United States person having signature or 

other authority over 25 or more foreign 

financial accounts need only provide 

the number of financial accounts and 

certain other basic information on the 

report, but will be required to provide 

detailed information concerning each 

account when so requested by the 

Secretary or his delegate. 

(3) Consolidated reports. An entity 

that is a United States person and which 

owns directly or indirectly more than a 

50 percent interest in one or more other 

entities required to report under this 

section will be permitted to file a 

consolidated report on behalf of itself 

and such other entities. 

(4) Participants and beneficiaries in 

certain retirement plans. Participants 

and beneficiaries in retirement plans 

under sections 401(a), 403(a) or 403(b) 

of the Internal Revenue Code as well as 

owners and beneficiaries of individual 

retirement accounts under section 408 

of the Internal Revenue Code or Roth 

IRAs under section 408A of the Internal 

Revenue Code are not required to file an 

FBAR with respect to a foreign financial 

account held by or on behalf of the 

retirement plan or IRA. 

(5) Certain trust beneficiaries. A 

beneficiary of a trust described in 

paragraph (e)(2)(iv) of this section is not 

required to report the trust’s foreign 

financial accounts if the trust, trustee of 

the trust, or agent of the trust is a United 

States person that files a report under 

this section disclosing the trust’s foreign 

financial accounts. 

Dated: February 23, 2010. 

James H. Freis, Jr., 

Director, Financial Crimes Enforcement 

Network. 

Note: The following attachment will not 

appear in the Code of Federal Regulations. 

Attachment: Draft instructions to the Report 

of Foreign Bank and Financial Accounts— 

Form TDF90–22.1(FBAR) 


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8852 Federal Register / Vol. 75, No. 38 / Friday, February 26, 2010 / Proposed Rules 

General Instructions 

Form TD F 90–22.1 (the ‘‘FBAR’’) is used 

to report a financial interest in or signature 

authority over a foreign financial account. 

The FBAR must be received by the 

Department of the Treasury on or before June 

30th of the year immediately following the 

calendar year being reported. Unlike the 

filing date for an income tax return, the June 

30th filing date for the FBAR may not be 

extended. 

Who Must File an FBAR. 

The following persons are required to file 

an FBAR: 

A United States citizen; 

A United States resident; 

An entity, including but not limited to, a 

corporation, partnership, or limited 

liability company created or organized in 

the United States or under the laws of the 

United States; and 

A trust or estate formed under the laws of the 

United States. 

See definition of United States below. 

If the person has: 

A financial interest in or signature 

authority over any foreign financial account 

and the aggregate value of the financial 

account(s) exceeds $10,000 at any time 

during the calendar year. See Part II, Item 15, 

regarding the $10,000 threshold. 

The tax treatment of an entity does not 

determine whether the entity has an FBAR 

filing requirement. For example, an entity 

that is disregarded for purposes of Title 26 

of the United States Code must still file an 

FBAR, if otherwise required to do so. 

Similarly, a trust for which the trust income, 

deductions, or credits are taken into account 

by another person for purposes of Title 26 of 

the United States Code must file an FBAR, 

if otherwise required to do so. 

See Exceptions below. 

General Definitions 

Financial Account. A financial account 

includes, but is not limited to, a securities, 

brokerage, savings, demand, checking, 

deposit, time deposit, or other account 

maintained with a financial institution (or 

other person performing the services of a 

financial institution). A financial account 

also includes a commodity futures or options 

account, an insurance policy with a cash 

surrender value (such as a variable annuity 

or a whole life insurance policy), an annuity, 

and shares in a mutual fund or similar 

pooled fund (i.e., a fund with a regular net 

asset value determination and redemptions). 

Foreign Financial Account. A foreign 

financial account is a financial account that 

is located outside of the United States. For 

example, an account maintained with a 

foreign branch of a United States bank is a 

foreign financial account. An account 

maintained with a United States branch of a 

foreign bank is not a foreign financial 

account. An insurance or annuity policy that 

is purchased outside of the United States, as 

defined in 31 CFR § 103.11(nn), from a nonUnited States issuer is a foreign financial 

account. 

Financial Interest. A person has a financial 

interest in each financial account for which 

(1) the person is the owner of record or 

holder of legal title, regardless of whether the 

account is maintained for that person’s 

benefit or for the benefit of another person; 

or 

(2) the owner of record or holder of legal 

title is one of the following: 

(a) An agent, nominee, attorney, or a 

person authorized to act on behalf of the 

person with respect to the account; 

(b) A corporation in which the person 

owns directly or indirectly: (i) more than 50 

percent of the total value of shares of stock 

or (ii) more than 50 percent of the voting 

power of all shares of stock; 

(c) A partnership in which the person 

owns directly or indirectly: (i) an interest in 

more than 50 percent of the partnership’s 

profits (distributive share of partnership 

income taking into account any special 

allocation agreement) or (ii) an interest in 

more than 50 percent of the partnership 

capital; 

(d) A trust, if the person: (i) is the trust 

settlor; and (ii) has an ownership interest in 

the trust for United States federal tax 

purposes. See 26 U.S.C. §§ 671 through 679 

to determine if a person has an ownership 

interest in a trust for a year for United States 

federal tax purposes; 

(e) A trust, if the person has more than a 

50 percent beneficial interest in the assets or 

income of the trust for the calendar year, as 

determined under all of the facts and 

circumstances, including the terms of the 

trust and any accompanying documents; 

(f) A trust that was established by the 

person and for which the person has 

appointed a trust protector that is subject to 

such person’s direct or indirect instruction; 

or 

(g) Any other entity, if the person owns 

directly or indirectly more than 50 percent of 

the voting power, total value of equity 

interest or assets, or interest in profits. 

Person. A person includes an individual 

and all legal entities including, but not 

limited to, limited liability companies, 

corporations, partnerships, trusts, and 

estates. 

Signature Authority. Signature authority is 

the authority (alone or in conjunction with 

any other individual) to control the 

disposition of money, funds, or other assets 

held in a financial account by delivery of 

instructions (whether communicated in 

writing or otherwise) directly to the financial 

institution (or other person performing the 

services of a financial institution), with 

which the financial account is maintained. 

See Exception for Signature Authority. 

United States. For FBAR purposes, the 

United States includes the States, the District 

of Columbia, all territories and possessions 

(for example American Samoa, the 

Commonwealth of the Northern Marianas 

Islands, the Commonwealth of Puerto Rico, 

Guam, and the United States Virgin Islands), 

and the Indian lands as defined in the Indian 

Gaming Regulatory Act. References to the 

laws of the United States include the laws of 

the United States federal government and the 

laws of all places listed in this definition. 

United States Resident. A United States 

resident is an alien residing in the United 

States. To determine if the filer is a resident 

of any place listed in the definition of United 

States, apply the residency tests in 26 U.S.C. 

§ 7701(b). 

Exceptions 

Certain Accounts Jointly Owned by 

Spouses. The spouse of an individual who 

files an FBAR is not required to file a 

separate FBAR if the following conditions are 

met: (1) all the financial accounts that the 

spouse is required to report are jointly owned 

with the filing spouse; (2) the filing spouse 

reports the jointly owned accounts on a 

timely filed FBAR; and (3) both spouses sign 

the FBAR in Item 44. See Explanations for 

Specific Items, Part III, Items 25–33. If the 

filer’s spouse is required to file an FBAR for 

any account that is not jointly owned with 

the filer, the filer’s spouse must file a 

separate FBAR for all accounts, including 

those owned jointly with the filing spouse. 

Consolidated FBAR. If a person is named 

in a consolidated FBAR filed by a more than 

50 percent owner, the person is not required 

to file a separate FBAR. See Explanations for 

Specific Items, Part V. 

Correspondent/Nostro Account. 

Correspondent or nostro accounts (which are 

maintained by banks and used solely for 

bank-to-bank settlements) are not required to 

be reported on an FBAR. 

Governmental Entity. A foreign financial 

account of any governmental entity is not 

required to be reported on an FBAR by any 

person. For purposes of this form, 

governmental entity includes: (1) a college or 

university that is an agency or 

instrumentality of, or owned or operated by, 

a governmental entity; and (2) an employee 

retirement or welfare benefit plan of a 

governmental entity. 

International Financial Institution. A 

foreign financial account of any international 

financial institution of which the United 

States is a member is not required to be 

reported on an FBAR by any person. 

IRA Owners and Beneficiaries. An owner 

or beneficiary of an IRA is not required to file 

an FBAR with respect to a foreign financial 

account held in the IRA. 

Participants in and Beneficiaries of TaxQualified Retirement Plans. A participant in 

or beneficiary of a retirement plan described 

in Internal Revenue Code § 401(a), 403(a), or 

403(b) is not required to file an FBAR with 

respect to a foreign financial account held by 

or on behalf of the retirement plan. 

Signature Authority. Signature authority 

over a foreign financial account need not be 

reported on an FBAR by an individual with 

no financial interest in the foreign financial 

account in the following situations: 

(1) An officer or employee of a bank that 

is examined by the Office of the Comptroller 

of the Currency, the Board of Governors of 

the Federal Reserve System, the Federal 

Deposit Insurance Corporation, the Office of 

Thrift Supervision, or the National Credit 

Union Administration need not report 

signature authority over a foreign financial 

account owned or maintained by the bank. 

(2) An officer or employee of a financial 

institution that is registered with and 

regulated or examined by the Securities and 

Exchange Commission or Commodity 

Futures Trading Commission need not report 


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signature authority over a foreign financial 

account owned or maintained by the 

financial institution. 

(3) An officer or employee of an 

Authorized Service Provider need not report 

signature authority over a foreign financial 

account that is owned or maintained by an 

investment company that is registered with 

the Securities and Exchange Commission. 

Authorized Service Provider means an entity 

that is registered with and examined by the 

Securities and Exchange Commission and 

provides services to an investment company 

registered under the Investment Company 

Act of 1940. 

(4) An officer or employee of an entity 

whose class of equity securities is listed on 

any United States national securities 

exchange need not report signature authority 

over a foreign financial account in which the 

entity has a financial interest. An officer or 

employee of a United States subsidiary of 

such entity need not report signature 

authority over a foreign financial account of 

the subsidiary. 

(5) An officer or employee of a United 

States entity that has a class of securities 

registered under section 12(g) of the 

Securities and Exchange Act need not report 

signature authority over a foreign financial 

account of such corporation. 

Trust Beneficiaries. A trust beneficiary 

with a financial interest described in section 

(2)(f) is not required to report the trust’s 

foreign financial accounts on an FBAR if the 

trust, trustee of the trust, or agent of the trust: 

(1) is a United States citizen, a United States 

resident, an entity created or organized in the 

United States or under the laws of the United 

States, or a trust formed under the laws of the 

United States; and (2) files an FBAR 

disclosing the trust’s foreign financial 

accounts. 

United States Military Banking Facility. 

An FBAR need not be filed for a financial 

account maintained with a financial 

institution located on a United States 

military installation, even if that military 

installation is outside of the United States. 

Filing Information—Do NOT file with 

Federal Income Tax Return 

When and Where to File. The FBAR is an 

annual report and must be received by the 

Department of the Treasury on or before June 

30th of the year following the calendar year 

being reported. 

File by mailing the FBAR to: 

Department of the Treasury, Post Office Box 

32621, Detroit, MI 48232–0621 

If an express delivery service is used, file 

by mailing to: 

IRS Enterprise Computing Center, ATTN: 

CTR Operations Mailroom, 4th Floor, 985 

Michigan Avenue, Detroit, MI 48226 

The FBAR may be hand delivered to any 

local office of the Internal Revenue Service 

for forwarding to the Department of the 

Treasury, Detroit, MI. The FBAR may also be 

delivered to the Internal Revenue Service’s 

tax attaches located in United States 

embassies and consulates for forwarding to 

the Department of Treasury, Detroit, MI. The 

FBAR is not considered filed until it is 

received by the Department of the Treasury 

in Detroit, MI. 

No Extension of Time to File. There is no 

extension of time available for filing an 

FBAR. Extensions of time to file federal tax 

returns do NOT extend the time for filing an 

FBAR. If a delinquent FBAR is filed, attach 

a statement explaining the reason for the late 

filing. 

Verification of Filing. Ninety days after the 

date of filing, the filer can request 

verification that the FBAR was received. An 

FBAR filing verification request may be made 

by calling 1–800–800–2877 and selecting 

option 2. Up to five documents may be 

verified over the phone. There is no fee for 

this verification. Alternatively, an FBAR 

filing verification request may be made in 

writing and must include the filer’s name, 

taxpayer identification number, and the filing 

period. There is a $5.00 fee for verifying five 

or fewer FBARs and a $1.00 fee for each 

additional FBAR. A copy of the filed FBAR 

can be obtained at a cost of $0.15 per page. 

Check or money order should be made 

payable to the United States Treasury. 

The request and payment should be mailed 

to: 

IRS Enterprise Computing Center/Detroit, 

ATTN: Verification, P.O. Box 32063, 

Detroit, MI 48232 

Record Keeping Requirements. Persons 

required to file an FBAR must retain records 

that contain the name in which each account 

is maintained, the number or other 

designation of the account, the name and 

address of the foreign financial institution 

that maintains the account, the type of 

account, and the maximum account value of 

each account during the reporting period. 

The records must be retained for a period of 

five years from June 30th of the year 

following the calendar year reported and 

must be available for inspection as provided 

by law. Persons filing an FBAR should retain 

a copy for their records. 

Explanations for Specific Items 

Part I 

Item 1. The FBAR is an annual report. 

Enter the calendar year being reported. 

To amend a filed FBAR, check the 

‘‘Amended’’ box in the upper right hand 

corner of the first page of the FBAR, make the 

needed additions or corrections, attach a 

statement explaining the additions or 

corrections, and staple a copy of the original 

FBAR to the amendment. An amendment 

should not be made until at least 90 calendar 

days after the FBAR is filed. Follow the 

instructions in ‘‘When and Where to File’’ to 

file an amendment. 

Item 2. Check the appropriate box 

describing the filer. Check only one box. 

Individuals filing based on signature 

authority, check box ‘‘a.’’ If filing a 

consolidated FBAR, check box ‘‘d.’’ To 

determine if a consolidated FBAR can be 

filed, see Part V. If the type of filer is not 

listed in boxes ‘‘a’’ through ‘‘c,’’ check box ‘‘e’’ 

and enter type of filer. Persons that should 

check box ‘‘e’’ include, but are not limited to, 

trusts, estates, limited liability companies, 

and tax-exempt entities (even if the entity is 

organized as a corporation). A disregarded 

entity must check box ‘‘e’’ and enter its type 

of person and the term ‘‘(D.E.).’’ For example, 

a limited liability company that is 

disregarded for United States federal tax 

purposes would enter ‘‘limited liability 

company (D.E.).’’ 

Item 3. Provide the filer’s taxpayer 

identification number. Generally, this is the 

filer’s United States social security number 

(SSN), United States individual taxpayer 

identification number (ITIN), or employer 

identification number (EIN). Numbers should 

be entered with no spaces, dashes, or other 

punctuation throughout the FBAR. If the filer 

does NOT have a United States taxpayer 

identification number, complete Item 4. 

Item 4. Complete Item 4 only if the filer 

does NOT have a United States taxpayer 

identification number. Item 4 requires the 

filer to provide information from an official 

foreign government document to verify the 

filer’s nationality or residence. Enter the 

document number followed by the country of 

issuance, check the appropriate type of 

document, and if ‘‘other’’ is checked, provide 

the type of document. 

Item 5. If the filer is an individual, enter 

the filer’s date of birth, using the month, day, 

and year convention. 

Items 9, 10, 11, 12 and 13. Enter the filer’s 

address. An individual residing in the United 

States must enter the street address of the 

individual’s United States residence, not a 

post office box. An individual residing 

outside the United States must enter the 

individual’s United States mailing address. If 

the individual does not have a United States 

mailing address, the individual must enter a 

foreign residence address. 

An entity must enter its United States 

mailing address. If the entity does not have 

a United States mailing address, the entity 

must enter its foreign mailing address. 

Item 14. If the filer has a financial interest 

in 25 or more foreign financial accounts, 

check ‘‘Yes’’ and enter the number of 

accounts. Do not complete Part II 

(Continuation of Separate Accounts) or Part 

III (Joint Accounts) of the Report. 

If filing a consolidated FBAR, only 

complete Part V, Items 34 through 42, for 

each person included in the consolidated 

FBAR. 

Note: If the filer has signature authority 

over 25 or more foreign financial accounts, 

only complete Part IV (for signature 

authority), Items 34–43, for each person for 

which the filer has signature authority, and 

check ‘‘No’’ in Part I, Item 14. 

The filer must retain the detailed account 

information otherwise required by the FBAR 

for five years from June 30th of the year 

following the calendar year reported. The 

information must be available for inspection. 

See Filing Information, Record Keeping 

Requirements. 

Part II 

Enter information in the applicable parts of 

the form only. If there is not enough space 

to provide all account information, copy and 

complete additional pages of the required 

Part as necessary. Do not use any 

attachments unless otherwise specified in the 

instructions. 

Item 15. 

Determining Maximum Account Value. 

Step 1. Determine the maximum value of 


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each account (in the currency of that 

account) during the calendar year being 

reported. The maximum value of an account 

is a reasonable approximation of the greatest 

value of currency or nonmonetary assets in 

the account during the calendar year. 

Periodic account statements may be relied on 

to determine the maximum value of the 

account provided that the statements fairly 

reflect the maximum account value during 

the calendar year. For Item 15, if the filer had 

a financial interest in more than one account, 

each account is to be valued separately. 

Step 2. In the case of non-United States 

currency, convert the maximum account 

value for each account into United States 

dollars. Convert foreign currency by using 

the Treasury’s Financial Management Service 

rate (this rate may be found at 

www.fms.treas.gov) from the last day of the 

calendar year. If no Treasury Financial 

Management Service rate is available, use 

another verifiable exchange rate and provide 

the source of that rate. In valuing currency 

of a country that uses multiple exchange 

rates, use the rate that would apply if the 

currency in the account were converted into 

United States dollars on the last day of the 

calendar year. 

If the aggregate of the maximum account 

values exceeds $10,000, an FBAR must be 

filed. An FBAR is not required to be filed if 

the person did not have $10,000 of aggregate 

value in foreign financial accounts at any 

time during the calendar year. 

For persons with a financial interest in or 

signature authority over fewer than 25 

accounts that are unable to determine if the 

aggregate maximum account values of the 

accounts exceeded $10,000 at any time 

during the calendar year, complete Part II, III, 

IV, or V, as appropriate, for each of these 

accounts and enter ‘‘value unknown’’ in Item 

15. 

If a foreign financial account is jointly 

owned by two or more persons, each person 

must report the entire value of the account. 

Item 16. Indicate the type of account. 

Check only one box. If ‘‘Other’’ is selected, 

describe the account. 

Item 17. Provide the name of the financial 

institution with which the account is held. 

Item 18. Provide the account number that 

the financial institution uses to designate the 

account. 

Items 19–23. Provide the complete mailing 

address of the financial institution where the 

account is located. 

If the foreign address does not include a 

state (e.g., province) or postal code, leave the 

box(es) blank. 

Part III 

Enter information in the applicable parts of 

the form only. If there is not enough space 

to provide all account information, copy and 

complete additional pages of the required 

Part as necessary. Do not use any 

attachments unless otherwise specified in the 

instructions. 

For Items 15–23, see Part II. 

Item 24. Enter the number of joint owners 

for the account. If the exact number is not 

known, provide an estimate. Do not count the 

filer when determining the number of joint 

owners. 

Items 25–33. Use the identity information 

of the principal joint owner (excluding the 

filer) to complete Items 25–33. Leave blank 

items for which no information is available. 

A spouse having an interest in a jointly 

owned account with the filing spouse is the 

principal joint owner. Enter the term 

‘‘(spouse)’’ on Line 26 after the last name of 

the joint spousal owner. 

If the filer’s spouse is required to report 

only jointly owned financial accounts that 

are reported on the filer’s FBAR, the filer’s 

spouse need not file a separate FBAR but 

must also sign the filer spouse’s FBAR to 

fulfill his or her reporting obligation. See 

Items 44–46 on page one. If the filer’s spouse 

is required to file an FBAR for any account 

that is not jointly owned with the filer, the 

filer’s spouse must file a separate FBAR for 

all of the accounts, including those owned 

jointly with the other spouse. 

Part IV—Signature Authority 

Enter information in the applicable parts of 

the form only. If there is not enough space 

to provide all account information, copy and 

complete additional pages of the required 

Part as necessary. Do not use any 

attachments unless otherwise specified in the 

instructions. 

25 or More Foreign Financial Accounts. 

Filers with signature authority over 25 or 

more financial accounts must complete only 

Items 34–43 for each person on whose behalf 

the filer has signature authority. 

For Items 15–23, see Part II. 

Items 34–42. Provide the name, address, 

and identifying number of the owner of a 

foreign financial account for which the 

individual has signature authority but no 

financial interest. If there is more than one 

owner of the account for which the 

individual has signature authority, provide 

the information in Items 34–42 for the 

principal joint owner (excluding the filer). If 

account information is completed for more 

than one account of the same owner, identify 

the owner only once and write ‘‘Same 

Owner’’ in Item 34 for the succeeding 

accounts of the same owner. 

Item 43. Enter filer’s title for the position 

that provides signature authority (e.g., 

treasurer). 

A United States person who is employed 

in a foreign country and who has signature 

authority over a foreign financial account 

that is owned or maintained by the 

individual’s employer should only complete 

Part 1 and Part IV, Items 34–43 of the FBAR. 

Part IV, Items 34–43 should only be 

completed one time with information about 

the individual’s employer. 

Part V—Consolidated FBAR 

Enter information in the applicable parts of 

the form only. If there is not enough space 

to provide all account information, copy and 

complete additional pages of the required 

Part as necessary. Do not use any 

attachments. 

Who Can File a Consolidated FBAR. An 

entity that owns directly or indirectly more 

than a 50 percent interest in a legal entity 

that is required to file an FBAR is permitted 

to file a consolidated FBAR on behalf of itself 

and such other legal entity. Check box ‘‘d’’ in 

Part I, Item 2 and complete Part V. If filing 

a consolidated FBAR and reporting 25 or 

more financial accounts, complete only Items 

34–42 for each person included in the 

consolidated FBAR. 

For Items 15–23, see Part II. 

Items 34–42. Provide the name, taxpayer 

identification number, and address of the 

owner of the foreign financial account as 

shown on the books of the financial 

institution. If account information is 

completed for more than one account of the 

same owner, identify the owner only once 

and write ‘‘Same Owner’’ in Item 34 for the 

succeeding accounts of the same owner. 

Signatures 

Items 44–46. The FBAR must be signed by 

the filer named in Part I. If the FBAR is being 

filed on behalf of a partnership, corporation, 

limited liability company, trust, estate, or 

other legal entity, it must be signed by an 

authorized individual. The authorized 

individual’s title is entered in Item 45. An 

authorized official of the person filing the 

consolidated FBAR must sign the FBAR. 

An individual must leave ‘‘Filer’s Title’’ 

blank, unless the individual is filing an 

FBAR due to the individual’s signature 

authority. If an individual is filing because 

the individual has signature authority over a 

foreign financial account, the individual 

should enter the title upon which his or her 

authority is based in Item 45. 

A spouse included as a joint owner, who 

does not file a separate FBAR in accordance 

with the instructions in Part III, must also 

sign the FBAR (in Item 44) for the jointly 

owned accounts. See the instructions for Part 

III. 

Penalties 

A person who is required to file an FBAR 

and fails to properly file may be subject to 

a civil penalty not to exceed $10,000. If there 

is reasonable cause for the failure and the 

balance in the account is properly reported, 

no penalty will be imposed. A person who 

willfully fails to report an account or account 

identifying information may be subject to a 

civil monetary penalty equal to the greater of 

$100,000 or 50 percent of the balance in the 

account at the time of the violation. See 31 

U.S.C. § 5321(a)(5). Willful violations may 

also be subject to criminal penalties under 31 

U.S.C. § 5322(a), 31 U.S.C. § 5322(b), or 18 

U.S.C. § 1001. 

[FR Doc. 2010–4042 Filed 2–25–10; 8:45 am] 

BILLING CODE 4810–02–P 

DEPARTMENT OF EDUCATION 

34 CFR Subtitle B, Chapter II 

[Docket ID ED–2010–OESE–0001] 

RIN 1810–AB08 

Teacher Incentive Fund Program 

AGENCY: Office of Elementary and 

Secondary Education, Department of 

Education. 


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