The press release says:
The proposed rule:
• Includes provisions intended to prevent persons from avoiding reporting requirements.
• Defines a "United States person" required to file the FBAR and defines the types of reportable accounts such as bank, securities, and other financial accounts.
• Exempts certain persons with signature or other authority over, but no financial interest in, foreign financial accounts from filing FBARs.
• Exempts certain low-risk accounts e.g., the accounts of a government entity or instrumentality for which reporting will not be required.
• Exempts participants/beneficiaries in certain types of retirement plans and includes a similar exemption for certain trust beneficiaries.
• Clarifies what it means for a person to have a "financial interest" in a foreign account.
• Permits summary filing by persons who have a financial interest in 25 or more foreign financial accounts, or signature or other authority over 25 or more foreign financial accounts. Also permits an entity to file a consolidated FBAR on behalf of itself and the subsidiaries of which it owns more than a 50 percent interest.