Page:United States Statutes at Large Volume 124.djvu/126

 124 STAT. 100 PUBLIC LAW 111–147—MAR. 18, 2010 ‘‘(ii) each holder of such account which is a speci- fied United States person or United States owned for- eign entity were a natural person and citizen of the United States. An election under this paragraph shall be made at such time, in such manner, and subject to such conditions as the Secretary may provide. ‘‘(3) SEPARATE REQUIREMENTS FOR QUALIFIED INTER- MEDIARIES.—In the case of a foreign financial institution which is treated as a qualified intermediary by the Secretary for purposes of section 1441 and the regulations issued thereunder, the requirements of this section shall be in addition to any reporting or other requirements imposed by the Secretary for purposes of such treatment. ‘‘(d) DEFINITIONS.—For purposes of this section— ‘‘(1) UNITED STATES ACCOUNT.— ‘‘(A) IN GENERAL.—The term ‘United States account’ means any financial account which is held by one or more specified United States persons or United States owned foreign entities. ‘‘(B) EXCEPTION FOR CERTAIN ACCOUNTS HELD BY INDIVIDUALS.—Unless the foreign financial institution elects to not have this subparagraph apply, such term shall not include any depository account maintained by such financial institution if— ‘‘(i) each holder of such account is a natural person, and ‘‘(ii) with respect to each holder of such account, the aggregate value of all depository accounts held (in whole or in part) by such holder and maintained by the same financial institution which maintains such account does not exceed $50,000. To the extent provided by the Secretary, financial institu- tions which are members of the same expanded affiliated group shall be treated for purposes of clause (ii) as a single financial institution. ‘‘(C) ELIMINATION OF DUPLICATIVE REPORTING REQUIRE- MENTS.—Such term shall not include any financial account in a foreign financial institution if— ‘‘(i) such account is held by another financial institution which meets the requirements of subsection (b), or ‘‘(ii) the holder of such account is otherwise subject to information reporting requirements which the Sec- retary determines would make the reporting required by this section with respect to United States accounts duplicative. ‘‘(2) FINANCIAL ACCOUNT.—Except as otherwise provided by the Secretary, the term ‘financial account’ means, with respect to any financial institution— ‘‘(A) any depository account maintained by such finan- cial institution, ‘‘(B) any custodial account maintained by such financial institution, and ‘‘(C) any equity or debt interest in such financial institution (other than interests which are regularly traded on an established securities market).