,,ii  #aag? ,,congress  #a/ ,session    
,s4 #gbe  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #aa1 #bjba ,mr4   
,:iteh\se introduc$ ! foll[+ bill2 :i* 0
 read twice & ref]r$ to ! ,committee on 
,f9ance  ,a ,,bill  ,to end (f%ore      
corporate tax avoidance1 & = o!r        
purposes4  #a4 ,%ort title1 etc  7a7    
,%ort title ,?is ,act may be cit$ z !   
,/op ,tax ,hav5 ,abuse ,act4  7b7       
,am5dm5t ( #aihf code ,except z o!rwise 
expressly provid$1 :5ev] 9 ?is ,act an  
am5dm5t or repeal is express$ 9 t]ms (  
an am5dm5t to1 or repeal (1 a section or
 o!r provision1 ! ref]5ce %all be       
consid]$ to be made to a section or o!r 
provision ( ! ,int]nal ,rev5ue ,code (  
#aihf4  7c7 ,table ( cont5ts ,! table ( 
cont5ts ( ?is ,act is z foll[s3 ,sec4   
#a4 ,%ort title1 etc4 ,,title ,i--,end+ 
corporate (f%ore tax avoidance ,sec4    
#aja4 ,repeal ( *eck-!-box rules = c]ta9
 =eign entities & ,,cfc look-?ru rules4 
,sec4 #ajb4 ,swap paym5ts made f !      
,unit$ ,/ates to p]sons (f%ore4 ,sec4   

#ajc4 ,requirem5t to disclose total     
corporate taxes paid4 ,sec4 #ajd4       
,p5alty = election to pay tax on def]r$ 
=eign income 9 in/allm5ts4 ,sec4 #aje4  
,modifications to base erosion &        
anti-abuse tax4 ,sec4 #ajf4 ,treatm5t ( 
=eign base company oil relat$ income z  
subp>t ,f income4 ,sec4 #ajg4           
,modifications ( =eign tax cr$it rules  
applicable to dual capacity taxpay]s4   
,sec4 #ajh4 ,treatm5t ( intangibles     
transf]r$ to p>tn]%ips4 ,,title         
,,ii--,additional measures to combat tax
 evasion ,sec4 #bja4 ,au?oriz+ special  
measures aga9/ =eign jurisdictions1     
f9ancial in/itutions1 & o!rs t          
significantly imp$e ,unit$ ,/ates tax   
en=cem5t4 ,sec4 #bjb4 ,/r5g!n+ ! ,=eign 
,acc\nt ,tax ,compliance ,act 7,,fatca74
 ,sec4 #bjc4 ,report+ ,unit$ ,/ates     
b5eficial own]s ( =eign own$ f9ancial   
acc\nts4 ,sec4 #bjd4 ,p5alty = fail+ to 
disclose (f%ore hold+s4 ,sec4 #bje4     
,deadl9e = anti-money laund]+ rule =    
inve/m5t advis]s4 ,sec4 #bjf4           

,anti-money laund]+ requirem5ts =       
=mation ag5ts4 ,sec4 #bjg4 ,/r5g!n+     
,john ,doe summons proce$+s4 ,sec4 #bjh4
 ,improv+ en=cem5t ( =eign f9ancial     
acc\nt report+4  ,i ,end+ corporate     
(f%ore tax avoidance  #aja4 ,repeal (   
*eck-!-box rules = c]ta9 =eign entities 
& ,,cfc look-?ru rules  7a7 ,*eck-!-,box
 rules ,p>agraph 7#c7 ( section         
#ggja7;a7 is am5d$--  7#a7 by /rik+ &1 &
  7#b7 by ins]t+ aft] insurance         
companies ! foll[+3  1 & any =eign      
bus9ess entity t-- 7,a7 has a s+le own] 
t does n h limit$ liability1 or  7,b7   
has "o or m memb]s all ( :i* h limit$   
liability  4  7b7 ,look-,?ru rule       
,subp>agraph 7,c7 ( section #ied7;c77#f7
 is am5d$ to read z foll[s3  7,c7       
,t]m9ation ,subp>agraph 7,a7 %all n     
apply to divid5ds1 int]e/1 r5ts1 &      
royalties receiv$ or accru$ aft] ! date 
( ! enactm5t ( ! ,/op ,tax ,hav5 ,abuse 
,act4  4  7c7 ,effective date  7#a7 ,!  
am5dm5ts made by subsection 7a7 %all    
take effect on ! date ( ! enactm5t ( ?is

 ,act4  7#b7 ,! am5dm5t made by         
subsection 7b7 %all apply to paym5ts    
receiv$ aft] ! date ( ! enactm5t ( ?is  
,act4  #ajb4 ,swap paym5ts made f !     
,unit$ ,/ates to p]sons (f%ore  7a7 ,tax
 on swap paym5ts receiv$ by =eign p]sons
 ,section #hga7;a77#a7 is am5d$--  7#a7 
by ins]t+ swap paym5ts 7z id5tifi$ 9    
section #abef7;b77#b77;,b771 aft]       
annuities1 9 subp>agraph 7,a71 &  7#b7  
by add+ at ! end ! foll[+ new s5t5ce3 ,9
 ! case ( swap paym5ts1 ! s\rce ( a swap
 paym5t is det]m9$ by ref]5ce to !      
location ( ! payor44  7b7 ,tax on swap  
paym5ts receiv$ by =eign corporations   
,section #hha7;a7 is am5d$-- 7#a7 by    
ins]t+ swap paym5ts 7z id5tifi$ 9       
section #abef7;b77#b77;,b771 aft]       
annuities1 9 p>agraph 7#a71 &  7#b7 by  
add+ at ! end ! foll[+ new s5t5ce3 ,9 ! 
case ( swap paym5ts1 ! s\rce ( a swap   
paym5t is det]m9$ by ref]5ce to !       
location ( ! payor44  #ajc4 ,requirem5t 
to disclose total corporate taxes paid  
7a7 ,9 g5]al ,section #ac ( !           

,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghm7 is am5d$ by add+ at !   
end ! foll[+ new subsection3  7s7       
,disclosure ( total corporate taxes paid
  7#a7 ,issu] disclosure requirem5t ,ea*
 issu] requir$ to file an annual or     
qu>t]ly report "u subsection 7a7 %all   
disclose 9 t report-- 7,a7 ! total      
pre-tax pr(it ( ! issu] dur+ ! p]iod    
cov]$ by ! report2  7,b7 ! total am\nt  
paid by ! issu] 9 ,/ate taxes dur+ !    
p]iod cov]$ by ! report2  7,c7 ! total  
am\nt paid by ! issu] 9 ,f$]al taxes    
dur+ ! p]iod cov]$ by ! report2 &  7,d7 
! total am\nt paid by ! issu] 9 =eign   
taxes dur+ ! p]iod cov]$ by ! report4   
7#b7 ,disclosure ( c\ntry-by-c\ntry     
report+ in=mation ,ea* issu] requir$ to 
file an annual or qu>t]ly report "u     
subsection 7a7 %all disclose 9 t report1
 = ea* ( its subsidi>ies & aggregat$ on 
a c\ntry-by-c\ntry basis--  7,a7 rev5ues
 g5]at$ f transactions ) o!r con/itu5t  
entities2  7,b7 rev5ues n g5]at$ f      
transactions ) o!r con/itu5t entities2  

7,c7 pr(it or loss be=e income tax2     
7,d7 total income tax paid on a ca%     
basis to all tax jurisdictions1 & any   
taxes )held on paym5ts receiv$ by !     
con/itu5t entities2  7,e7 total accru$  
tax exp5se record$ on taxable pr(its or 
losses1 reflect+ only op]ations 9 !     
relevant annual p]iod & exclud+ def]r$  
taxes or provisions = unc]ta9 tax       
liabilities2  7,f7 /at$ capital1 except 
t ! /at$ capital ( a p]man5t e/abli%m5t 
mu/ be report$ 9 ! tax jurisdiction (   
resid5ce ( ! legal entity ( :i* x is a  
p]man5t e/abli%m5t unless !re is a def9$
 capital requirem5t 9 ! p]man5t         
e/abli%m5t tax jurisdiction = regulatory
 purposes2  7,g7 total accumulat$ e>n+s1
 except t accumulat$ e>n+s ( a p]man5t  
e/abli%m5t mu/ be report$ by ! legal    
entity ( :i* x is a p]man5t e/abli%m5t2 
7,h7 total numb] ( employees on a       
full-"t equival5t basis2 &  7,i7 net    
book value ( tangible assets1 :i*1 =    
purposes ( ?is section1 does n include  
ca% or ca% equival5ts1 intangibles1 or  

f9ancial assets4  7#c7 ,availability (  
in=mation ,! ,commission %all make !    
in=mation fil$ ) ! ,commission pursuant 
to ?is subsection publicly available    
?r\gh ! ,commission website 9 a mann] t 
is se>*able1 sortable1 & d[nloadable4  4
  7b7 ,effective date ,! am5dm5t made by
 ?is section %all apply to disclosures  
made aft] ! date ( ! enactm5t ( ?is     
,act4  #ajd4 ,p5alty = election to pay  
tax on def]r$ =eign income 9 in/allm5ts 
7a7 ,9 g5]al ,section #ife7;h7 is am5d$ 
by add+ at ! end ! foll[+ new p>agraph3 
7#g7 ,p5alty ,int]e/ on in/allm5ts "u   
?is subsection %all be payable z det]m9$
 "u section #ffja by treat+ ! la/ date  
prescrib$ = paym5t = any in/allm5t z !  
date = paym5t ( ! fir/ in/allm5t "u ?is 
subsection4  4  7b7 ,effective date ,!  
am5dm5t made by subsection 7a7 %all take
 effect z if includ$ 9 section #adajc ( 
,public ,law #aae-ig4  #aje4            
,modifications to base erosion &        
anti-abuse tax  7a7 ,r$uction (         
exemption bas$ on annual gross receipts 

,section #ei;,a7e77#a77;,b7 is am5d$ by 
/rik+ #ejj1jjj1jjj & ins]t+             
#ajj1jjj1jjj4  7b7 ,elim9ation (        
exception bas$ on base erosion p]c5tage 
,section #ei7;e77#a7 is am5d$ by ins]t+ 
& at ! end ( subp>agraph 7,a71 by /rik+ 
1 & at ! end ( subp>agraph 7,b7 & ins]t+
 a p]iod1 & by /rik+ subp>agraph 7,c74  
7c7 ,c]ta9 capitaliz$ am\nts includ$ z  
base erosion paym5ts ,section #ei;,a7d7 
is am5d$ by r$esignat+ p>agraphs 7#d7 & 
7#e7 z p>agraphs 7#e7 & 7#f71           
respectively1 & by ins]t+ aft] p>agraph 
7#c7 ! foll[+ new p>agraph3  7#d7 ,c]ta9
 capitaliz$ am\nts ,su* t]m %all also   
include any int]e/1 royalty1 or any o!r 
am\nt id5tifi$ by ! ,secret>y t is paid 
or accru$ by ! taxpay] to a =eign p]son 
:i* is a relat$ p>ty ( ! taxpay] & )    
respect to :i* ! taxpay] increases !    
value ( prop]ty "u section #ajaf or any 
o!r provision ( ?is title4  4  7d7      
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ! date ( ! enactm5t ( ?is   

,act4  #ajf4 ,treatm5t ( =eign base     
company oil relat$ income z subp>t ,f   
income  7a7 ,9 g5]al ,section #ied7;a7  
is am5d$ by /rik+ & at ! end ( p>agraph 
7#b71 by /rik+ ! p]iod at ! end (       
p>agraph 7#c7 & ins]t+ 1 &1 & by add+ at
 ! end ! foll[+ new p>agraph3  7#d7 !   
=eign base company oil relat$ income = !
 taxable ye> 7det]m9$ "u subsection 7g7 
& r$uc$ z provid$ 9 subsection 7b77#e774
  4  7b7 ,=eign base company oil relat$ 
income ,section #ied is am5d$ by ins]t+ 
aft] subsection 7e7 ! foll[+ new        
subsection3  7g7 ,=eign base company oil
 relat$ income ,= purposes ( ?is        
section1 ! t]m =eign base company oil   
relat$ income means =eign oil relat$    
income 7)9 ! mean+ ( p>agraphs 7#b7 &   
7#c7 ( section #ijg7;c77 o!r ?an income 
d]iv$ f a s\rce )9 a =eign c\ntry 9     
connection )-- 7#a7 oil or gas :i* 0    
extract$ f an oil or gas well locat$ 9  
su* =eign c\ntry1 or  7#b7 oil1 gas1 or 
a prim>y product ( oil or gas :i* is    
sold by ! =eign corporation or a relat$ 

p]son = use or consumption )9 su* c\ntry
 or is load$ 9 su* c\ntry on a vessel or
 aircraft z fuel = su* vessel or        
aircraft4  ,su* t]m %all n include any  
=eign p]sonal hold+ company income 7z   
def9$ 9 subsection 7c774  4  7c7 ,con=m+
 am5dm5ts  7#a7 ,section                
#ieb7;c77#a77;,b77iii7 is am5d$ by      
r$esignat+ subclauses 7,,iii7 & 7,,iv7 z
 subclauses 7,,iv7 & 7,v71 respectively1
 & by ins]t+ aft] subclause 7,,ii7 !    
foll[+ new subclause3  7,,iii7 =eign    
base company oil relat$ income4  4  7#b7
 ,section #ied7;b7 is am5d$--  7,a7 by  
/rik+ & ! =eign base company s]vices    
income 9 p>agraph 7#e7 & ins]t+ ! =eign 
base company s]vices income1 & ! =eign  
base company oil relat$ income1 &  7,b7 
by add+ at ! end ! foll[+ new p>agraph3 
7#f7 ,=eign base company oil relat$     
income n treat$ z ano!r k9d ( base      
company income ,income ( a corporation  
:i* is =eign base company oil relat$    
income %all n be consid]$ =eign base    
company income ( su* corporation "u     

p>agraph 7#b7 or 7#c7 ( subsection 7a74 
4  7d7 ,effective date ,! am5dm5ts made 
by ?is section %all apply to taxable    
ye>s ( =eign corporations beg9n+ aft] ! 
date ( ! enactm5t ( ?is ,act1 & to      
taxable ye>s ( ,unit$ ,/ates %>ehold]s 9
 :i* or ) :i* su* taxable ye>s ( =eign  
corporations end4  #ajg4 ,modifications 
( =eign tax cr$it rules applicable to   
dual capacity taxpay]s  7a7 ,9 g5]al    
,section #ija ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by r$esignat+         
subsection 7n7 z subsection 7o7 & by    
ins]t+ aft] subsection 7m7 ! foll[+ new 
subsection3  7n7 ,special rules relat+  
to dual capacity taxpay]s  7#a7 ,g5]al  
rule ,not)/&+ any o!r provision ( ?is   
*apt]1 any am\nt paid or accru$ by a    
dual capacity taxpay] to a =eign c\ntry 
or possession ( ! ,unit$ ,/ates = any   
p]iod ) respect to comb9$ =eign oil &   
gas income 7z def9$ 9 section           
#ijg7;b77#a77 %all n be consid]$ a tax  
to ! ext5t su* am\nt exce$s ! am\nt     
7det]m9$ 9 accordance ) regulations7 :i*

 w\ld h be5 requir$ to be paid if !     
taxpay] 7 n a dual capacity taxpay]4    
7#b7 ,dual capacity taxpay] ,= purposes 
( ?is subsection1 ! t]m dual capacity   
taxpay] means1 ) respect to any =eign   
c\ntry or possession ( ! ,unit$ ,/ates1 
a p]son :o-- 7,a7 is subject to a levy (
 su* c\ntry or possession1 &  7,b7      
receives 7or w receive7 directly or     
indirectly a specific economic b5efit 7z
 det]m9$ 9 accordance ) regulations7 f  
su* c\ntry or possession4  4  7b7       
,effective date  7#a7 ,9 g5]al ,!       
am5dm5ts made by ?is section %all apply 
to taxes paid or accru$ 9 taxable ye>s  
beg9n+ aft] ,decemb] #ca1 #bjbj4  7#b7  
,contr>y treaty obligations upheld ,!   
am5dm5ts made by ?is section %all n     
apply to ! ext5t contr>y to any treaty  
obligation ( ! ,unit$ ,/ates4  #ajh4    
,treatm5t ( intangibles transf]r$ to    
p>tn]%ips  7a7 ,repeal ( c]ta9          
regulatory au?ority ,section #cfg7;d7 is
 am5d$ by /rik+ p>agraph 7#c74  7b7     
,exception to rules provid+             

nonrecognition ( ga9 ,section #gba7;d7  
is am5d$ to read z foll[s3  7d7 ,c]ta9  
transf]s ( intangible prop]ty to        
p>tn]%ips  7#a7 ,9 g5]al ,except z      
provid$ 9 regulations prescrib$ by !    
,secret>y1 if a ,unit$ ,/ates p]son     
transf]s any intangible prop]ty )9 !    
mean+ ( section #cfg7;d77#d7 to a       
specifi$ p>tn]%ip 9 an ex*ange describ$ 
9 ?is section1 subsection 7a7 %all n    
apply to ! transf] ( su* prop]ty & !    
provisions ( section #cfg7;d77#b7 %all  
apply to su* transf]4  7#b7 ,specifi$   
p>tn]%ip ,= purposes ( ?is subsection1 !
 t]m specifi$ p>tn]%ip means any        
p>tn]%ip if any item ( income or ga9    
attributable to intangible prop]ty is   
tak5 into acc\nt 9 det]m9+ any          
di/ributive %>e ( su* p>tn]%ip to a     
p]son t is n a ,unit$ ,/ates p]son4  4  
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply to transf]s aft] 
! date ( ! enactm5t ( ?is ,act1 9       
taxable ye>s end+ aft] su* date4  ,,ii  
,additional measures to combat tax      

evasion  #bja4 ,au?oriz+ special        
measures aga9/ =eign jurisdictions1     
f9ancial in/itutions1 & o!rs t          
significantly imp$e ,unit$ ,/ates tax   
en=cem5t  7a7 ,9 g5]al ,section #ecah;,a
 ( title #ca1 ,unit$ ,/ates ,code1 is   
am5d$-- 7#a7 by /rik+ ! section head+ & 
ins]t+ ! foll[+3 ,special measures =    
jurisdictions1 f9ancial in/itutions1 or 
int]national transactions t are ( prim>y
 money laund]+ conc]n or significantly  
imp$e ,unit$ ,/ates tax en=cem5t2  7#b7 
9 subsection 7a71 by /rik+ ! subsection 
head+ & ins]t+ ! foll[+3 ,special       
measures ,to c\nt] money laund]+ & ef=ts
 ,to significantly imp$e unit$ /ates tax
 en=cem5t2  7#c7 9 subsection 7c7--     
7,a7 by /rik+ ! subsection head+ &      
ins]t+ ! foll[+3 ,consultations &       
in=mation ,to be consid]$ 9 f9d+        
jurisdictions1 in/itutions1 types (     
acc\nts1 or transactions ,to be ( prim>y
 money laund]+ conc]n or ,to be         
significantly imp$+ ,unit$ ,/ates tax   
en=cem5t2 &  7,b7 9 p>agraph 7#b71 by   

add+ at ! end ! foll[+3  7,c7 ,o!r      
consid]ations ,! fact t a jurisdiction  
or f9ancial in/itution is coop]at+ ) !  
,unit$ ,/ates on implem5t+ ! requirem5ts
 specifi$ 9 *apt] #d ( ! ,int]nal       
,rev5ue ,code ( #aihf may be favorably  
consid]$ 9 evaluat+ :e!r su*            
jurisdiction or f9ancial in/itution is  
significantly imp$+ ,unit$ ,/ates tax   
en=cem5t4  2  7#d7 9 subsection 7a77#a71
 by ins]t+ or is significantly imp$+    
,unit$ ,/ates tax en=cem5t aft] prim>y  
money laund]+ conc]n2  7#e7 9 subsection
 7a77#d7-- 7,a7 9 subp>agraph 7,a7--    
7i7 by ins]t+ 9 matt]s involv+ money    
laund]+1 be=e %all consult2 &  7ii7 by  
/rik+ & at ! end2  7,b7 by r$esignat+   
subp>agraph 7,b7 z subp>agraph 7,c72 &  
7,c7 by ins]t+ aft] subp>agraph 7,a7 !  
foll[+3  7,b7 9 matt]s involv+ ,unit$   
,/ates tax en=cem5t1 %all consult ) !   
,commission] ( ,int]nal ,rev5ue1 !      
,secret>y ( ,/ate1 ! ,attorney ,g5]al ( 
! ,unit$ ,/ates1 & 9 ! sole discretion (
 ! ,secret>y1 su* o!r ag5cies & int]e/$ 

p>ties z ! ,secret>y may f9d to be      
appropriate2 &  2  7#f7 9 ea* (         
p>agraphs 7#a77;,a71 7#b71 7#c71 & 7#d7 
( subsection 7b71 by ins]t+ or to be    
significantly imp$+ ,unit$ ,/ates tax   
en=cem5t aft] prim>y money laund]+      
conc]n ea* place t t]m appe>s2  7#g7 9  
subsection 7b71 by /rik+ p>agraph 7#e7 &
 ins]t+ ! foll[+3  7#e7 ,prohibitions or
 conditions on op5+ or ma9ta9+ c]ta9    
correspond5t or payable-?r\gh acc\nts or
 au?oriz+ c]ta9 paym5t c>ds ,if !       
,secret>y f9ds a jurisdiction outside ( 
! ,unit$ ,/ates1 #a or m f9ancial       
in/itutions op]at+ outside ( ! ,unit$   
,/ates1 or #a or m classes (            
transactions )9 or involv+ a            
jurisdiction outside ( ! ,unit$ ,/ates  
to be ( prim>y money laund]+ conc]n or  
to be significantly imp$+ ,unit$ ,/ates 
tax en=cem5t1 ! ,secret>y1 9            
consultation ) ! ,secret>y ( ,/ate1 !   
,attorney ,g5]al ( ! ,unit$ ,/ates1 & ! 
,*airman ( ! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em1 may prohibit1 or 

impose conditions ^u--  7,a7 ! op5+ or  
ma9ta9+ 9 ! ,unit$ ,/ates ( a           
correspond5t acc\nt or payable-?r\gh    
acc\nt by any dome/ic f9ancial          
in/itution or dome/ic f9ancial ag5cy =  
or on behalf ( a =eign bank+ in/itution1
 if su* correspond5t acc\nt or          
payable-?r\gh acc\nt involves any su*   
jurisdiction or in/itution1 or if any   
su* transaction may be conduct$ ?r\gh   
su* correspond5t acc\nt or payable-?r\gh
 acc\nt2 or  7,b7 ! au?orization1       
approval1 or use 9 ! ,unit$ ,/ates ( a  
cr$it c>d1 *>ge c>d1 debit c>d1 or      
simil> cr$it or debit f9ancial in/rum5t 
by any dome/ic f9ancial in/itution1     
dome/ic f9ancial ag5cy1 or cr$it c>d    
company or association = or on behalf ( 
a =eign bank+ in/itution1 if su* cr$it  
c>d1 *>ge c>d1 debit c>d1 or simil>     
cr$it or debit f9ancial in/rum5t        
involves any su* jurisdiction or        
in/itution1 or if any su* transaction   
may be conduct$ ?r\gh su* cr$it c>d1    
*>ge c>d1 debit c>d1 or simil> cr$it or 

debit f9ancial in/rum5t4  2  7#h7 9     
subsection 7c77#a71 by ins]t+ or is     
significantly imp$+ ,unit$ ,/ates tax   
en=cem5t aft] prim>y money laund]+      
conc]n2  7#i7 9 subsection              
7c77#b77;,a7--  7,a7 9 clause 7ii71 by  
/rik+ bank secrecy or special regulatory
 advantages & ins]t+ bank1 tax1         
corporate1 tru/1 or f9ancial secrecy or 
regulatory advantages2  7,b7 9 clause   
7iii71 by /rik+ sup]visory & c\nt]-money
 & ins]t+ sup]visory1 int]national tax  
en=cem5t1 & c\nt]-money2  7,c7 9 clause 
7v71 by /rik+ bank+ or secrecy & ins]t+ 
bank+1 tax1 or secrecy2 &  7,d7 9 clause
 7vi71 by ins]t+ 1 tax treaty1 or tax   
in=mation ex*ange agreem5t aft] treaty2 
7#aj7 9 subsection 7c77#b77;,b7-- 7,a7 9
 clause 7i71 by ins]t+ or tax evasion   
aft] money laund]+2 &  7,b7 9 clause    
7iii71 by ins]t+ 1 tax evasion1 aft]    
money laund]+2 &  7#aa7 9 subsection    
7d71 by ins]t+ involv+ money laund]+1 & 
%all notify1 9 writ+1 ! ,committee on   
,f9ance ( ! ,s5ate & ! ,committee on    

,ways & ,means ( ! ,h\se (              
,repres5tatives ( any su* action involv+
 ,unit$ ,/ates tax en=cem5t aft] su*    
action4  7b7 ,cl]ical am5dm5t ,! table (
 cont5ts = *apt] #ec ( title #ca1 ,unit$
 ,/ates ,code1 is am5d$ by /rik+ ! item 
relat+ to section #ecah;,a & ins]t+ !   
foll[+3  #ecah;,a4 ,special measures =  
jurisdictions1 f9ancial in/itutions1 or 
int]national transactions t are ( prim>y
 money laund]+ conc]n or significantly  
imp$e ,unit$ ,/ates tax en=cem5t4  4    
#bjb4 ,/r5g!n+ ! ,=eign ,acc\nt ,tax    
,compliance ,act 7,,fatca7  7a7 ,report+
 activities ) respect to passive =eign  
inve/m5t companies ,section #abih7;f7 is
 am5d$ by ins]t+ 1 or :o directly or    
indirectly =ms1 transf]s assets to1 is a
 b5efici>y (1 has a b5eficial int]e/ 91 
or receives money or prop]ty or ! use   
!re( f1 aft] %>ehold] (4  7b7 ,)holdable
 paym5ts to =eign f9ancial in/itutions  
,section #adga7;d7 is am5d$-- 7#a7 9    
p>agraph 7#b77;,a71 by ins]t+ or        
transaction aft] any depository1 &  7#b7

 9 p>agraph 7#e77;,c71 by /rik+ or any  
int]e/ & all t foll[s & ins]t+          
d]ivatives1 or any int]e/ 7includ+ a    
futures or =w>d contract1 swap1 or      
option7 9 su* securities1 p>tn]%ip      
int]e/s1 commodities1 or d]ivatives44   
7c7 ,)holdable paym5ts to o!r =eign     
f9ancial in/itutions ,section #adgb is  
am5d$--  7#a7 by ins]t+ z a result ( any
 cu/om] id5tification1 anti-money       
laund]+1 anti-corruption1 or simil>     
obligation to id5tify acc\nt hold]s1    
aft] reason to "k1 9 subsection 7b77#b71
 &  7#b7 by ins]t+ z pos+ a l[ risk (   
tax evasion aft] ?is subsection 9       
subsection 7c77#a77;,g74  7d7           
,def9itions ,clauses 7i7 & 7ii7 (       
section #adgc7b77;,a7 are ea* am5d$ by  
ins]t+ or z a b5eficial own] aft]       
indirectly4  7e7 ,special rules ,section
 #adgd7;c7 is am5d$--  7#a7 by ins]t+ 1 
except t in=mation provid$ "u section   
#adga7;c7 or #adgb7;b7 may be disclos$  
to any ,f$]al law en=cem5t ag5cy1 ^u    
reque/ or ^u ! initiation ( ! ,secret>y1

 to inve/igate or address a possible    
violation ( ,unit$ ,/ates law aft] %all 
apply 9 p>agraph 7#a71 &  7#b7 by ins]t+
 1 or has _h an agreem5t t]m9at$ "u su* 
section1 aft] section #adga7;b7 9       
p>agraph 7#b74  7f7 ,in=mation ) respect
 to =eign f9ancial assets ,section      
#fjch;,d7a7 is am5d$ by ins]t+ own]%ip  
or b5eficial own]%ip aft] holds any4    
7g7 ,e/abli%+ presumptions = entities & 
transactions involv+ non-,,fatca        
in/itutions  7#a7 ,presumptions = tax   
purposes  7,a7 ,9 g5]al ,*apt] #gf is   
am5d$ by ins]t+ aft] section #gdia !    
foll[+ new sub*apt]3  ,f ,presumptions =
 c]ta9 legal proce$+s  ,sec4 #gdib4     
,presumptions p]ta9+ to entities &      
transactions involv+ non-,,fatca        
in/itutions4  #gdib4 ,presumptions      
p]ta9+ to entities & transactions       
involv+ non-,,fatca in/itutions  7a7    
,control ,= purposes ( any ,unit$ ,/ates
 civil judicial or adm9i/rative proce$+ 
to det]m9e or collect tax1 !re %all be a
 rebuttable presumption t a ,unit$      

,/ates p]son :o1 directly or indirectly1
 =m$1 transf]r$ assets to1 0 a b5efici>y
 (1 _h a b5eficial int]e/ 91 or receiv$ 
money or prop]ty or ! use !re( f an     
entity1 includ+ a tru/1 corporation1    
limit$ liability company1 p>tn]%ip1 or  
f\ndation1 t holds an acc\nt1 or 9 any  
o!r mann] has assets1 9 a non-,,fatca   
in/itution1 ex]cis$ control ov] su*     
entity4 ,! presumption ( control creat$ 
by ?is subsection %all n be appli$ to   
prev5t ! ,secret>y f det]m9+ or argu+ ! 
abs5ce ( control4  7b7 ,transf]s (      
income ,= purposes ( any ,unit$ ,/ates  
civil judicial or adm9i/rative proce$+  
to det]m9e or collect tax1 !re %all be a
 rebuttable presumption t any am\nt or  
?+ ( value receiv$ by a ,unit$ ,/ates   
p]son directly or indirectly f an acc\nt
 or f an entity t holds an acc\nt1 or 9 
any o!r mann] has assets1 9 a           
non-,,fatca in/itution1 con/itutes      
income ( su* p]son taxable 9 ! ye> (    
receipt2 & any am\nt or ?+ ( value paid 
or transf]r$ by or on behalf ( a ,unit$ 

,/ates p]son directly or indirectly to  
an acc\nt1 or entity t holds an acc\nt1 
or 9 any o!r mann] has assets1 9 a      
non-,,fatca in/itution1 repres5ts       
previ\sly unreport$ income ( su* p]son  
taxable 9 ! ye> ( ! transf]4  7c7       
,rebutt+ ! presumptions ,! presumptions 
e/abli%$ 9 ?is section may be rebutt$   
only by cle> & conv9c+ evid5ce1 includ+ 
detail$ docum5t>y1 te/imonial1 &        
transactional evid5ce1 e/abli%+ t-- 7#a7
 9 subsection 7a71 su* taxpay] ex]cis$  
no control1 directly or indirectly1 ov] 
acc\nt or entity at ! "t 9 "q1 &  7#b7 9
 subsection 7b71 su* am\nts or ?+s (    
value did n repres5t income relat$ to   
su* ,unit$ ,/ates p]son4  ,any c\rt hav+
 jurisdiction ( a civil proce$+ 9 :i*   
control ( su* an (f%ore acc\nt or (f%ore
 entity or ! income "* ( su* receipts or
 am\nts transf]r$ is an issue %all      
prohibit ! introduction by ! taxpay] (  
any =eign bas$ docum5t t is n au!nticat$
 9 op5 c\rt by a p]son ) k ( su*        
docum5t1 or any o!r evid5ce suppli$ by a

 p]son outside ! jurisdiction ( a ,unit$
 ,/ates c\rt1 unless su* p]son appe>s   
be=e ! c\rt4  4  7,b7 ,! table (        
sub*apt]s = *apt] #gf is am5d$ by ins]t+
 aft] ! item relat+ to sub*apt] ,e !    
foll[+ new item3  ,sub*apt] ,f4         
,presumptions = c]ta9 legal proce$+s  4 
7#b7 ,def9ition ( non-fatca in/itution  
,section #ggja7;a7 is am5d$ by add+ at !
 end ! foll[+ new p>agraph3  7#ea7      
,non-fatca in/itution ,! t]m non-,,fatca
 in/itution means any =eign f9ancial    
in/itution t does n meet ! report+      
requirem5ts ( section #adga7;b74  4     
7#c7 ,presumptions = securities law     
purposes ,section #ba ( ! ,securities   
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghu7 is am5d$ by add+ at ! end ! foll[+
 new subsection3  7j7 ,presumptions     
p]ta9+ to control & b5eficial own]%ip   
7#a7 ,control ,= purposes ( any civil   
judicial or adm9i/rative proce$+ "u ?is 
title1 !re %all be a rebuttable         
presumption t a ,unit$ ,/ates p]son :o1 
directly or indirectly1 =m$1 transf]r$  

assets to1 0 a b5efici>y (1 _h a        
b5eficial int]e/ 91 or receiv$ money or 
prop]ty or ! use !re( f an entity1      
includ+ a tru/1 corporation1 limit$     
liability company1 p>tn]%ip1 or         
f\ndation1 t holds an acc\nt1 or 9 any  
o!r mann] has assets1 9 a non-,,fatca   
in/itution 7z def9$ 9 section           
#ggja7;a77#ea7 ( ! ,int]nal ,rev5ue     
,code ( #aihf71 ex]cis$ control ov] su* 
entity4 ,! presumption ( control creat$ 
by ?is p>agraph %all n be appli$ to     
prev5t ! ,commission f det]m9+ or argu+ 
! abs5ce ( control4  7#b7 ,b5eficial    
own]%ip ,= purposes ( any civil judicial
 or adm9i/rative proce$+ "u ?is title1  
!re %all be a rebuttable presumption t  
securities t are nom9ally own$ by an    
entity1 includ+ a tru/1 corporation1    
limit$ liability company1 p>tn]%ip1 or  
f\ndation1 & t are held 9 a non-,,fatca 
in/itution 7z s def9$71 are b5eficially 
own$ by any ,unit$ ,/ates p]son :o      
directly or indirectly ex]cis$ control  
ov] su* entity4 ,! presumption (        

b5eficial own]%ip creat$ by ?is p>agraph
 %all n be appli$ to prev5t !           
,commission f det]m9+ or argu+ ! abs5ce 
( b5eficial own]%ip4  4  7#d7           
,presumption = report+ purposes relat+  
to =eign f9ancial acc\nts ,section #ecad
 ( title #ca1 ,unit$ ,/ates ,code1 is   
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7d7 ,rebuttable presumption
 ,= purposes ( ?is section1 !re %all be 
a rebuttable presumption t any acc\nt ) 
a non-,,fatca in/itution 7z def9$ 9     
section #ggja7;a77#ea7 ( ! ,int]nal     
,rev5ue ,code ( #aihf7 conta9s funds 9  
an am\nt t is at lea/ suffici5t to      
require a report prescrib$ by           
regulations "u ?is section4  4  7#e7    
,regulatory au?ority ,n lat] ?an #ahj   
days aft] ! date ( enactm5t ( ?is ,act1 
! ,secret>y ( ! ,treasury & ! ,*airman (
 ! ,securities & ,ex*ange ,commission   
%all ea* adopt regulations or o!r       
guidance necess>y to implem5t ! am5dm5ts
 made by ?is subsection4 ,! ,secret>y & 
! ,*airman may1 by regulation or        

guidance1 provide t ! presumption (     
control %all n ext5d to p>ticul> classes
 ( transactions1 su* z corporate        
reorganizations or transactions bel[ a  
specifi$ doll> ?re%old1 if ei!r det]m9es
 t apply+ su* am5dm5ts to su*           
transactions is n necess>y to c>ry out !
 purposes ( su* am5dm5ts4  7h7          
,effective date ,! am5dm5ts made by ?is 
section %all take effect on ! date :i*  
is #ahj days aft] ! date ( enactm5t (   
?is ,act1 :e!r or n regulations are     
issu$ "u subsection 7g77#e74  #bjc4     
,report+ ,unit$ ,/ates b5eficial own]s (
 =eign own$ f9ancial acc\nts  7a7 ,9    
g5]al ,subp>t ,b ( "p ,,iii ( sub*apt]  
,a ( *apt] #fa is am5d$ by ins]t+ aft]  
section #fjde;,b ! foll[+ new sections3 
#fjde;,c4 ,returns reg>d+ ,unit$ ,/ates 
b5eficial own]s ( f9ancial acc\nts      
locat$ 9 ! ,unit$ ,/ates & held 9 ! "n (
 a =eign entity  7a7 ,requirem5t (      
return ,if-- 7#a7 any )hold+ ag5t "u    
sections #adda & #addb has ! control1   
receipt1 cu/ody1 disposal1 or paym5t (  

any am\nt con/itut+ gross income f      
s\rces )9 ! ,unit$ ,/ates ( any =eign   
entity1 includ+ a tru/1 corporation1    
limit$ liability company1 p>tn]%ip1 or  
f\ndation 7o!r ?an an entity ) %>es     
regul>ly trad$ on an e/abli%$ securities
 m>ket71 &  7#b7 su* )hold+ ag5t        
det]m9es = purposes ( title #ad1 #ah1 or
 #ca ( ! ,unit$ ,/ates ,code t a ,unit$ 
,/ates p]son has any b5eficial int]e/ 9 
! =eign entity or 9 ! acc\nt 9 su*      
entity's "n 7h]eaft] 9 ?is section      
ref]r$ to z ,unit$ ,/ates b5eficial     
own]71  !n ! )hold+ ag5t %all make a    
return accord+ to ! =ms or regulations  
prescrib$ by ! ,secret>y4  7b7 ,requir$ 
in=mation ,= purposes ( subsection 7a7 !
 in=mation requir$ to be includ$ on !   
return %all include--  7#a7 ! "n1       
address1 &1 if kn[n1 ! taxpay]          
id5tification numb] ( ! ,unit$ ,/ates   
b5eficial own]1  7#b7 ! kn[n facts      
p]ta9+ to ! relation%ip ( su* ,unit$    
,/ates b5eficial own] to ! =eign entity 
& ! acc\nt1  7#c7 ! gross am\nt ( income

 f s\rces )9 ! ,unit$ ,/ates 7includ+   
gross proce$s f brok]age transactions71 
&  7#d7 su* o!r in=mation z ! ,secret>y 
may by =ms or regulations provide4  7c7 
,/atem5ts ,to ,be furni%$ to b5eficial  
own]s ) respect to :om in=mation is     
requir$ ,to ,be report$ ,a )hold+ ag5t  
requir$ to make a return "u subsection  
7a7 %all furni% to ea* ,unit$ ,/ates    
b5eficial own] ^: "n is requir$ to be   
set =? 9 su* return a /atem5t %[+-- 7#a7
 ! "n1 address1 & telephone numb] ( !   
in=mation contact ( ! p]son requir$ to  
make su* return1 &  7#b7 ! in=mation    
requir$ to be %[n on su* return )       
respect to su* ,unit$ ,/ates b5eficial  
own]4  ,! writt5 /atem5t requir$ "u !   
prec$+ s5t5ce %all be furni%$ to !      
,unit$ ,/ates b5eficial own] on or be=e 
,janu>y #ca ( ! ye> foll[+ ! cal5d> ye> 
= :i* ! return "u subsection 7a7 0      
requir$ to be made4 ,9 ! ev5t ! p]son   
fil+ su* return does n h a curr5t       
address = ! ,unit$ ,/ates b5eficial     
own]1 su* writt5 /atem5t may be mail$ to

 ! address ( ! =eign entity4  #fjde;,d4 
,returns by f9ancial in/itutions reg>d+ 
e/abli%m5t ( acc\nts at non-,,fatca     
in/itutions  7a7 ,requirem5t ( return   
,any f9ancial in/itution directly or    
indirectly op5+ a bank1 brok]age1 or o!r
 f9ancial acc\nt = or on behalf ( an    
(f%ore entity1 includ+ a tru/1          
corporation1 limit$ liability company1  
p>tn]%ip1 or f\ndation 7o!r ?an an      
entity ) %>es regul>ly trad$ on an      
e/abli%$ securities m>ket71 9 a         
non-,,fatca in/itution 7z def9$ 9       
section #ggja7;a77#ea77 at ! direction  
(1 on behalf (1 or = ! b5efit ( a ,unit$
 ,/ates p]son %all make a return accord+
 to ! =ms or regulations prescrib$ by ! 
,secret>y4  7b7 ,requir$ in=mation ,=   
purposes ( subsection 7a7 ! in=mation   
requir$ to be includ$ on ! return %all  
include-- 7#a7 ! "n1 address1 & taxpay] 
id5tification numb] ( su* ,unit$ ,/ates 
p]son1  7#b7 ! "n & address ( ! f9ancial
 in/itution at :i* a f9ancial acc\nt is 
op5$1 ! type ( acc\nt1 ! acc\nt numb]1 !

 "n "u :i* ! acc\nt 0 op5$1 & ! am\nt ( 
! initial deposit1  7#c7 if ! acc\nt is 
held 9 ! "n ( an entity1 ! "n & address 
( su* entity1 ! type ( entity1 & ! "n & 
address ( any company =mation ag5t or   
o!r pr(essional employ$ to =m or acquire
 ! entity1 &  7#d7 su* o!r in=mation z !
 ,secret>y may by =ms or regulations    
provide4  7c7 ,/atem5ts ,to be furni%$  
to ,unit$ ,/ates p]sons ) respect to :om
 in=mation is requir$ ,to be report$ ,a 
f9ancial in/itution requir$ to make a   
return "u subsection 7a7 %all furni% to 
ea* ,unit$ ,/ates p]son ^: "n is requir$
 to be set =? 9 su* return a /atem5t    
%[+--  7#a7 ! "n1 address1 & telephone  
numb] ( ! in=mation contact ( ! p]son   
requir$ to make su* return1 &  7#b7 !   
in=mation requir$ to be %[n on su*      
return ) respect to su* ,unit$ ,/ates   
p]son4  ,! writt5 /atem5t requir$ "u !  
prec$+ s5t5ce %all be furni%$ to su*    
,unit$ ,/ates p]son on or be=e ,janu>y  
#ca ( ! ye> foll[+ ! cal5d> ye> = :i* ! 
return "u subsection 7a7 0 requir$ to be

 made4  7d7 ,exemption ,! ,secret>y may 
by regulations exempt any class ( ,unit$
 ,/ates p]sons or any class ( acc\nts or
 entities f ! requirem5ts ( ?is section 
if ! ,secret>y det]m9es t apply+ ?is    
section to su* p]sons1 acc\nts1 or      
entities is n necess>y to c>ry out !    
purposes ( ?is section4  4  7b7         
,p5alties  7#a7 ,returns ,section       
#fgbd7;d77#a77;,b7 is am5d$ by /rik+ or 
at ! end ( clause 7xxv71 by /rik+ & at !
 end ( clause 7xxvi71 & by add+ aft]    
clause 7xxvi7 ! foll[+ new clauses3     
7xxvii7 section #fjde;,c7a7 7relat+ to  
returns reg>d+ ,unit$ ,/ates b5eficial  
own]s ( f9ancial acc\nts locat$ 9 !     
,unit$ ,/ates & held 9 ! "n ( a =eign   
entity71 or  7xxviii7 section           
#fjde;,d7a7 7relat+ to returns by       
f9ancial in/itutions reg>d+ e/abli%m5t (
 acc\nts at non-,,fatca in/itutions71 & 
4  7#b7 ,payee /atem5ts ,section        
#fgbd7;d77#b7 is am5d$ by r$esignat+ !  
second subp>agraph 7,,jj7 z 7,,kk71 by  
/rik+ or at ! end ( subp>agraph 7,,jj71 

by /rik+ ! p]iod at ! end ( subp>agraph 
7,,kk71 & by ins]t+ aft] subp>agraph    
7,,kk7 ! foll[+ new subp>agraphs3       
7,,ll7 section #fjde;,c7c7 7relat+ to   
returns reg>d+ ,unit$ ,/ates b5eficial  
own]s ( f9ancial acc\nts locat$ 9 !     
,unit$ ,/ates & held 9 ! "n ( a =eign   
entity71 or  7,,mm7 section #fjde;,d7c7 
7relat+ to returns by f9ancial          
in/itutions reg>d+ e/abli%m5t ( acc\nts 
at non-,,fatca in/itutions74  4  7c7    
,cl]ical am5dm5t ,! table ( sections =  
subp>t ,b ( "p ,,iii ( sub*apt] ,a (    
*apt] #fa is am5d$ by ins]t+ aft] ! item
 relat+ to section #fjde;,b ! foll[+ new
 items3  ,sec4 #fjde;,c4 ,returns reg>d+
 ,unit$ ,/ates b5eficial own]s (        
f9ancial acc\nts locat$ 9 ! ,unit$      
,/ates & held 9 ! "n ( a =eign entity4  
,sec4 #fjde;,d4 ,returns by f9ancial    
in/itutions reg>d+ e/abli%m5t ( acc\nts 
at non-,,fatca in/itutions4  4  7d7     
,additional p5alties  7#a7 ,additional  
p5alties on banks ,section #ebci7;b77#a7
 ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates 

7#ab ,u4,s4,c4 #ic7;b77#a77 is am5d$ by 
ins]t+ or any ( ! provisions ( section  
#fjde;,d ( ! ,int]nal ,rev5ue ,code (   
#aihf1 aft] any regulation issu$        
pursuant to14  7#b7 ,additional p5alties
 on securities firms ,section           
#ba7;d77#c77;,a7 ( ! ,securities        
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghu7d77#c77;,a77 is am5d$ by ins]t+ any
 ( ! provisions ( section #fjde;,d ( !  
,int]nal ,rev5ue ,code ( #aihf1 aft] !  
rules or regulations !reund]14  7e7     
,regulatory au?ority & effective date   
7#a7 ,regulatory ,au?ority ,n lat] ?an  
#ahj days aft] ! date ( ! enactm5t ( ?is
 ,act1 ! ,secret>y ( ! ,treasury %all   
adopt regulations1 =ms1 or o!r guidance 
necess>y to implem5t ?is section4  7#b7 
,effective ,date ,section #fjde;,c ( !  
,int]nal ,rev5ue ,code ( #aihf 7z add$  
by ?is section7 & ! am5dm5t made by     
subsection 7d77#a7 %all take effect )   
respect to am\nts paid into =eign own$  
acc\nts locat$ 9 ! ,unit$ ,/ates aft]   
,decemb] #ca ( ! ye> ( ! date ( !       

enactm5t ( ?is ,act4 ,section #fjde;,d (
 su* ,code 7z s add$7 & ! am5dm5t made  
by subsection 7d77#b7 %all take effect )
 respect to acc\nts op5$ aft] ,decemb]  
#ca ( ! ye> ( ! date ( ! enactm5t ( ?is 
,act4 ,section #fjde;,d ( su* ,code 7z s
 add$7 & ! am5dm5t made by subsection   
7d77#b7 %all take effect ) respect to   
acc\nts op5$ aft] ,decemb] #ca ( ! ye> (
 ! date ( ! enactm5t ( ?is ,act1 :e!r or
 n regulations are issu$ "u ,section    
#fjde;,d4  #bjd4 ,p5alty = fail+ to     
disclose (f%ore hold+s  7a7 ,securities 
,ex*ange ,act ( #aicd ,section          
#ba7;d77#c77;,b7 ( ! ,securities        
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghu7d77#c77;,b77 is am5d$ by add+ at ! 
end ! foll[+3  7iv7 ,f\r? ti] ,not)/&+  
clauses 7i71 7ii71 & 7iii71 = ea* su*   
violation1 ! am\nt ( p5alty %all n exce$
 #a1jjj1jjj = any natural p]son or      
#aj1jjj1jjj = any o!r p]son1 if--  7,i7 
su* p]son directly or indirectly        
controll$ any =eign entity1 includ+ any 
tru/1 corporation1 limit$ liability     

company1 p>tn]%ip1 or f\ndation ?r\gh   
:i* an issu] pur*as$1 sold1 or held     
equity or debt in/rum5ts2  7,,ii7 su*   
p]son kn[+ly or recklessly fail$ to     
disclose any su* hold+1 pur*ase1 or sale
 by ! issu]2 &  7,,iii7 ! hold+1        
pur*ase1 or sale w\ld h be5 o!rwise     
subject to disclosure by ! issu] or su* 
p]son "u ?is title4  4  7b7 ,securities 
,act ( #aicc ,section #bj7;d77#b7 ( !   
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#ggt7d77#b77 is am5d$ by add+ at ! end !
 foll[+3  7,d7 ,f\r? ti] ,not)/&+       
subp>agraphs 7,a71 7,b71 & 7,c71 = ea*  
su* violation1 ! am\nt ( p5alty %all n  
exce$ #a1jjj1jjj = any natural p]son or 
#aj1jjj1jjj = any o!r p]son1 if-- 7i7   
su* p]son directly or indirectly        
controll$ any =eign entity1 includ+ any 
tru/1 corporation1 limit$ liability     
company1 p>tn]%ip1 or f\ndation ?r\gh   
:i* an issu] pur*as$1 sold1 or held     
equity or debt in/rum5ts2  7ii7 su*     
p]son kn[+ly or recklessly fail$ to     
disclose any su* hold+1 pur*ase1 or sale

 by ! issu]2 &  7iii7 ! hold+1 pur*ase1 
or sale w\ld h be5 o!rwise subject to   
disclosure by ! issu] or su* p]son "u   
?is title4  4  7c7 ,inve/m5t ,advis]s   
,act ( #aidj ,section #bjc7;i77#b7 ( !  
,inve/m5t ,advis]s ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;b-#c7;i77#b77 is am5d$ by 
add+ at ! end ! foll[+3  7,d7 ,f\r? ti] 
,not)/&+ subp>agraphs 7,a71 7,b71 &     
7,c71 = ea* su* violation1 ! am\nt (    
p5alty %all n exce$ #a1jjj1jjj = any    
natural p]son or #aj1jjj1jjj = any o!r  
p]son1 if--  7i7 su* p]son directly or  
indirectly controll$ any =eign entity1  
includ+ any tru/1 corporation1 limit$   
liability company1 p>tn]%ip1 or         
f\ndation ?r\gh :i* an issu] pur*as$1   
sold1 or held equity or debt in/rum5ts2 
7ii7 su* p]son kn[+ly or recklessly     
fail$ to disclose any su* hold+1        
pur*ase1 or sale by ! issu]2 &  7iii7 ! 
hold+1 pur*ase1 or sale w\ld h be5      
o!rwise subject to disclosure by ! issu]
 or su* p]son "u ?is title4  4  #bje4   
,deadl9e = anti-money laund]+ rule =    

inve/m5t advis]s  7a7 ,anti-,money      
laund]+ obligations = inve/m5t advis]s  
,section #ecab7;a77#b7 ( title #ca1     
,unit$ ,/ates ,code1 is am5d$--  7#a7 9 
subp>agraph 7,y71 by /rik+ or at ! end2 
7#b7 by r$esignat+ subp>agraph 7,z7 z   
subp>agraph 7,,bb72 &  7#c7 by ins]t+   
aft] subp>agraph 7,y7 ! foll[+3  7,z7 an
 inve/m5t advis] 7z def9$ 9 section     
#bjb7;a7 ( ! ,inve/m5t ,advis]s ,act (  
#aidj72  4  7b7 ,rules requir$ ,!       
,secret>y ( ! ,treasury %all-- 7#a7 9   
consultation ) ! ,securities & ,ex*ange 
,commission & ! ,commodity ,futures     
,trad+ ,commission1 n lat] ?an #ahj days
 aft] ! date ( enactm5t ( ?is ,act1     
publi% a propos$ rule 9 ! ,f$]al ,regi/]
 to c>ry out ! am5dm5ts made by ?is     
section2 &  7#b7 n lat] ?an #bgj days   
aft] ! date ( enactm5t ( ?is ,act1      
publi% a f9al rule 9 ! ,f$]al ,regi/] on
 ! matt] describ$ 9 p>agraph 7#a74  7c7 
,cont5ts ,! f9al rule publi%$ "u ?is    
section %all require1 at a m9imum1 ea*  
inve/m5t advis] 7z def9$ 9 section      

#bjb7;a77#aa7 ( ! ,inve/m5t ,advis]s    
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#b7;a77#aa777 regi/]$ ) !         
,securities & ,ex*ange ,commission      
pursuant to section #bjc ( t ,act 7#ae  
,u4,s4,c4 #hj;b-#c7--  7#a7 to submit   
suspici\s activity reports & e/abli% an 
anti-money laund]+ program "u           
subsections 7g7 & 7h71 respectively1 (  
section #ecah ( title #ca1 ,unit$ ,/ates
 ,code2 &  7#b7 to comply )--  7,a7 !   
cu/om] id5tification program requirem5ts
 "u section #ecah7l7 ( title #ca1 ,unit$
 ,/ates ,code2 &  7,b7 ! due dilig5ce   
requirem5ts "u section #ecah7;i7 ( title
 #ca1 ,unit$ ,/ates ,code4  #bjf4       
,anti-money laund]+ requirem5ts =       
=mation ag5ts  7a7 ,anti-,money laund]+ 
obligations = =mation ag5ts ,section    
#ecab7;a77#b7 ( title #ca1 ,unit$ ,/ates
 ,code1 z am5d$ by section #bje ( ?is   
,act1 is am5d$ by ins]t+ aft]           
subp>agraph 7,z7 ! foll[+3  7,,aa7 any  
p]son engag$ 9 ! bus9ess ( =m+ new      
corporations1 limit$ liability          

companies1 p>tn]%ips1 tru/s1 or o!r     
legal entities2 or  4  7b7 ,deadl9e =   
anti-,money laund]+ rule = =mation ag5ts
  7#a7 ,propos$ rule ,! ,secret>y ( !   
,treasury1 9 consultation ) ! ,attorney 
,g5]al ( ! ,unit$ ,/ates1 ! ,secret>y ( 
,homel& ,security1 & ! ,commission] (   
,int]nal ,rev5ue1 %all-- 7,a7 n lat] ?an
 #abj days aft] ! date ( enactm5t ( ?is 
,act1 publi% a propos$ rule 9 ! ,f$]al  
,regi/] requir+ p]sons describ$ 9       
section #ecab7;a77#b77;,,aa7 ( title    
#ca1 ,unit$ ,/ates ,code1 z add$ by ?is 
section1 to e/abli% anti-money laund]+  
programs "u section #ecah7;h7 ( t title2
 &  7,b7 n lat] ?an #bgj days aft] !    
date ( enactm5t ( ?is ,act1 publi% a    
f9al rule 9 ! ,f$]al ,regi/] on ! matt] 
describ$ 9 subp>agraph 7,a74  7#b7      
,exclusions ,! rule promulgat$ "u ?is   
subsection %all exclude f ! category (  
p]sons engag$ 9 ! bus9ess ( =m+ new     
corporations or o!r entities--  7,a7 any
 gov]nm5t ag5cy2 &  7,b7 any attorney or
 law firm t uses a paid =mation ag5t    

op]at+ )9 ! ,unit$ ,/ates to =m su*     
corporations or o!r entities4  #bjg4    
,/r5g!n+ ,john ,doe summons proce$+s    
7a7 ,9 g5]al ,subsection 7f7 ( section  
#gfji is am5d$ to read z foll[s3  7f7   
,additional requirem5t 9 ! case ( a     
,john ,doe summons  7#a7 ,g5]al ,rule   
,any summons describ$ 9 subsection      
7c77#a7 :i* does n id5tify ! p]son )    
respect to ^: liability ! summons is    
issu$ may be s]v$ only aft] a c\rt      
proce$+ 9 :i* ! ,secret>y e/abli%es t-- 
7,a7 ! summons relates to ! inve/igation
 ( a p>ticul> p]son or asc]ta9able gr\p 
or class ( p]sons1  7,b7 !re is a       
reasonable basis = believ+ t su* p]son  
or gr\p or class ( p]sons may fail or   
may h fail$ to comply ) any provision ( 
any int]nal rev5ue law1 &  7,c7 !       
in=mation s\ght to be obta9$ f !        
exam9ation ( ! records or te/imony 7& ! 
id5tity ( ! p]son or p]sons ) respect to
 ^: liability ! summons is issu$7 is n  
readily available f o!r s\rces4  7#b7   
,exception ,p>agraph 7#a7 %all n apply  

to any summons :i* specifies t x is     
limit$ to in=mation reg>d+ a ,unit$     
,/ates correspond5t acc\nt 7z def9$ 9   
section #ecah;,a7e77#a77;,b7 ( title    
#ca1 ,unit$ ,/ates ,code7 or a ,unit$   
,/ates payable-?r\gh acc\nt 7z def9$ 9  
section #ecah;,a7e77#a77;,c7 ( su*      
title7 ( a f9ancial in/itution t is held
 at a non-,,fatca in/itution 7z def9$ 9 
section #ggja7;a77#ea774  7#c7          
,presumption 9 cases involv+ non-fatca  
in/itutions ,= purposes ( ?is section1 9
 any case 9 :i* ! p>ticul> p]son or     
asc]ta9able gr\p or class ( p]sons h    
f9ancial acc\nts 9 or transactions      
relat$ to a non-,,fatca in/itution 7z   
def9$ 9 section #ggja7;a77#ea771 !re    
%all be a presumption t !re is a        
reasonable basis = believ+ t su* p]son  
or gr\p or class ( p]sons may fail or   
may h fail$ to comply ) provisions (    
int]nal rev5ue law4  7#d7 ,project ,john
 ,doe summonses  7,a7 ,9 g5]al ,not)/&+ 
! requirem5ts ( p>agraph 7#a71 !        
,secret>y may issue a summons describ$ 9

 p>agraph 7#a7 if ! summons--  7i7      
relates to a project :i* is approv$ "u  
subp>agraph 7,b71  7ii7 is issu$ to a   
p]son :o is a memb] ( ! gr\p or class   
e/abli%$ "u subp>agraph 7,b77i71 &      
7iii7 is issu$ )9 #c ye>s ( ! date on   
:i* su* project 0 approv$ "u subp>agraph
 7,b74  7,b7 ,approval ( projects ,a    
project may only be approv$ "u ?is      
subp>agraph aft] a c\rt proce$+ 9 :i* ! 
,secret>y e/abli%es t--  7i7 any summons
 issu$ ) respect to ! project w be issu$
 to a memb] ( an asc]ta9able gr\p or    
class ( p]sons1 &  7ii7 any summons     
issu$ ) respect to su* project w meet ! 
requirem5ts ( p>agraph 7#a74  7,c7      
,ext5sion ,^u application ( ! ,secret>y1
 ! c\rt may ext5d ! "t = issu+ su*      
summonses "u subp>agraph 7,a77i7 =      
additional #c-ye> p]iods1 b only if !   
c\rt cont9ues to ex]cise ov]sight ( su* 
project "u subp>agraph 7,d74  7,d7      
,ongo+ c\rt ov]sight ,dur+ any p]iod 9  
:i* ! ,secret>y is au?oriz$ to issue    
summonses 9 relation to a project       

approv$ "u subp>agraph 7,b7 7includ+    
dur+ any ext5sion "u subp>agraph 7,c771 
! ,secret>y %all report annually to !   
c\rt on ! use ( su* au?ority1 provide   
copies ( all summonses ) su* report1 &  
comply ) ! c\rt's direction ) respect to
 ! issuance ( any ,john ,doe summons "u 
su* project4  4  7b7 ,jurisdiction (    
c\rt  7#a7 ,9 g5]al ,p>agraph 7#a7 (    
section #gfji7;h7 is am5d$ by ins]t+    
aft] ! fir/ s5t5ce ! foll[+ new s5t5ce3 
,any ,unit$ ,/ates di/rict c\rt 9 :i* a 
memb] ( ! gr\p or class to :i* a summons
 may be issu$ resides or is f\nd %all h 
jurisdiction to he> & det]m9e ! approval
 ( a project "u subsection              
7f77#d77;,b744  7#b7 ,con=m+ am5dm5t ,! 
fir/ s5t5ce ( section #gfji7;h77#a7 is  
am5d$ by /rik+ 7f7 & ins]t+ 7f77#a74    
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply to summonses     
issu$ aft] ! date ( ! enactm5t ( ?is    
,act4  #bjh4 ,improv+ en=cem5t ( =eign  
f9ancial acc\nt report+  7a7 ,cl>ify+ ! 
connection ( =eign f9ancial acc\nt      

report+ to tax adm9i/ration ,p>agraph   
7#d7 ( section #fajc7;b7 is am5d$ by    
add+ at ! end ! foll[+ new s5t5ce3  ,=  
purposes ( subp>agraph 7,a77i71 section 
#ecad ( title #ca1 ,unit$ ,/ates ,code1 
& sections #ecba & #ecbb ( su* title 7z 
su* sections p]ta9 to su* section       
#ecad71 %all be consid]$ relat$ /atutes4
 4  7b7 ,simplify+ ! calculation ( =eign
 f9ancial acc\nt report+ p5alties       
,section #ecba7;a77#e77;,d77ii7 ( title 
#ca1 ,unit$ ,/ates ,code1 is am5d$ by   
/rik+ ! balance 9 ! acc\nt at ! "t ( !  
violation & ins]t+ ! highe/ balance 9 ! 
acc\nt dur+ ! report+ p]iod to :i* !    
violation relates4  7c7 ,cl>ify+ ! use (
 suspici\s activity reports "u ! ,bank  
,secrecy ,act = civil tax law en=cem5t  
,section #ecai ( title #ca1 ,unit$      
,/ates ,code1 is am5d$ by ins]t+ ! civil
 & crim9al en=cem5t divisions ( !       
,int]nal ,rev5ue ,s]vice1 aft] includ+4