Sec. 304. Preventing tax shelter activities by financial institutions
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/bill/113/hr/1554/ih/section-304·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Each of the Federal banking agencies and the Commission shall, in consultation with the Internal Revenue Service, develop examination techniques to detect potential violations of section 6700 or 6701 of the Internal Revenue Code of 1986, by depository institutions, brokers, dealers, and investment advisers, as appropriate. Each of the Federal banking agencies and the Commission shall implement the examination techniques developed under paragraph
(1)with respect to each of the depository institutions, brokers, dealers, or investment advisers subject to their enforcement authority. Such examination shall, to the extent possible, be combined with any examination by such agency otherwise required or authorized by Federal law. In any case in which an examination conducted under this section with respect to a financial institution or other entity reveals a potential violation, such agency shall promptly notify the Internal Revenue Service of such potential violation for investigation and enforcement by the Internal Revenue Service, in accordance with applicable provisions of law. The Federal banking agencies and the Commission shall submit a joint written report to Congress in 2013 on their progress in preventing violations of sections 6700 and 6701 of the Internal Revenue Code of 1986, by depository institutions, brokers, dealers, and investment advisers, as appropriate. For purposes of this section— the terms broker , dealer , and investment adviser have the same meanings as in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c ); the term Commission means the Securities and Exchange Commission; the term depository institution has the same meaning as in section 3(c) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(c) ); the term Federal banking agencies has the same meaning as in section 3(q) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(q) ); and the term Secretary means the Secretary of the Treasury.
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