On February 24th, the Financial Crimes Enforcement Network published amendments to the implementing regulations regarding the Report of Foreign Bank and Financial Accounts (FBAR). The FBAR form is used to report a financial interest in, or signature or other authority over, one or more financial accounts in foreign countries. No report is required if the aggregate value of the accounts does not exceed $10,000. Several comments on the proposed regulations had urged FinCEN to provide an exception from the filing obligation for employee benefit plans. FinCEN declined to do so but did provide certain helpful clarifications for sponsors of employee benefit plans. The amendments are effective March 28, 2011. FinCEN Press Release.