Sec. 301. Joint regulatory authority and advisory opinions
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Not later than September 30, 2014, the Secretary of the Treasury, or the Secretary's delegate, and the Federal Election Commission shall prescribe joint regulations with respect to— the definitions of the terms independent Federal election-related activity expenditure and covered contribution , as defined in section 7701(a) of the Internal Revenue Code of 1986 and section 351 of the Federal Election Campaign Act of 1971, as added by this Act, and forms and regulations necessary to carry out the registration and reports required under sections 353 and 354 of the Federal Election Campaign Act of 1971. In the case that the joint regulations described in paragraph
(1)have not been prescribed by September 31, 2014, the Secretary of the Treasury, or the Secretary's delegate, shall prescribe such regulations not later than December 1, 2014, and such regulations shall apply with respect to the administration, application, and enforcement of the Federal Election Campaign Act of 1971. The regulations promulgated under this subsection shall prescribe that the substance of any transaction shall control over the form of the transaction. The Secretary of the Treasury, or the Secretary's delegate, in consultation with the Federal Election Commission, shall issue advisory opinions on requests relating to the matters described under subsection (a)(1). The Secretary of the Treasury is authorized to impose user fees to cover the costs of any advisory opinions requested under paragraph (1), and the Secretary is authorized to transfer to the Federal Election Commission, and the Commission is authorized to accept, the portion of such fees which is determined to be related to costs incurred by the Commission in connection with an advisory opinion. It is the sense of Congress that advisory opinions under this section shall be furnished within 30 days of the request unless public interest requires otherwise.